Residents alarmed at skyrocketing flood insurance - Northern ...

A number of Illawarra residents have come forward with their stories about skyrocketing insurance premiums based on flood risk maps by local councils.
Lake Tabourie homeowner Kaarin Thompson says her home and contents insurance has increased by 264% this year, because Shoalhaven Council mapped her home as 'high flood risk'.
Ms Thompson says there's no records of her street flooding in over fifty years.
Thirroul resident Lisa also told the ABC her annual insurance went from $900 last year to more than $8000, including flood coverage.
She says her original insurance company refused to continuing insuring her because of the flood-risk, so she contacted another company.
"The insurance company actually refused to insure it again because of the risk of floods. So I thought I'd take all my insurance to another company," she said.
"I went to them to get a quote just for the insurance. To reinsure with that company including flood was over $8400."
An NRMA spokesman has confirmed the changes to council flood maps has resulted in changes to flood premiums.
Shoalhaven mayor and Upper House MP Paul Green has questioned the State Government about what it's doing to address the issue of flood insurance premiums.
The Minister for Finance Greg Pearce told the parliament part of the problem is because local councils have zoned flood prone areas as suitable for development.
Mr Peace says he's happy to consult with insurance bodies on the issue alongside Mr Green.

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