this post was submitted on 10 Dec 2024
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Surging insurance costs are driving thousands of borrowers to breach their mortgage contracts (www.abc.net.au)
submitted 4 months ago by [email protected] to c/[email protected]
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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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