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Surging insurance costs are driving thousands of borrowers to breach their mortgage contracts (www.abc.net.au)

submitted 8 months ago by zero_gravitas@aussie.zone to c/ausfinance@aussie.zone

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In short:

Close to 200,000 households are either already breaching their mortgage contracts, or risk doing so, as the surging cost of home insurance forces many to dump their policies.

The insurance industry says price rises are out of their control due to factors including rising house prices and inflation as well as extreme weather.

What's next?

Financial counsellors are calling for the government to regulate pricing in the sector.

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[–] Taleya@aussie.zone 2 points 8 months ago

Uh. No.

It's not "houses are uninsurable", it's straight up price gouging from the companies. Our insurer attempted to hike us a chunk for "reasons" despite the fact we are not in a bushfire, not in a flood, not in any risk zone. But because they could. We told them to fuck off and swapped companies.

don't make this about climate catastrophe, this is capitalism.