Insurance bills are never welcome, but a Merewether woman was shocked to see her costs triple in just 12 months.
The premium rose from $1,100 to $3,600 after the insurer classed Newcastle as a quote, area of peril, due to the threat of flooding.
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I have made a lot of phone calls to various other insurance companies now in an attempt to get a cheaper premium than provided by Vero and Newcastle Permanent Building Society. It has come to my attention NOW, following making these enquiries, that not all insurance compamies are now including flood coverage, and if they do , it is only for certain types of flooding and not others. Consumers need to be very aware of what their insurance covers now and also aware that the Newcastle, Merewether, Junction , Hamilton South and Hamilton East areas all the way to the harbour are now classified as areas” AT PERIL”.
While I consider myself lucky to own my own home , how on earth can I afford such a massive price increase in my insurance bill? Beware of the new insurance market trend or you too may find that if another flood comes along, you may not be covered by insurance and if you want to be covered , like me you may have to pay an arm and a leg for it.