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Millions of households are struggling to afford to safeguard their homes as climate change-induced natural disasters cause insurance premiums to spike. The number of households facing home insurance stress – where premiums cost more than one month of their entire annual salary – rose by 30 per cent to 1.6 million in the past year, according to a report released on Monday by the Actuaries Institute. These households are losing about 9.
It will be very hard for people to pay that, especially with other cost-of-living pressures at the moment,” report lead author Sharanjit Paddam told AAP. “If people don’t buy insurance, or buy less than they need, that puts them at risk after a disaster, and it’ll be very hard to recover, and eventually, those costs will be borne by governments and taxpayers.
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