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| Sam and Mathew Carter with Liam, 2, Amelia, 10, Isabelle, 3, and six-month-old twins Beau and Aidan |
IPSWICH residents who were devastated by floods two years ago are now being hit with fourfold increases in home insurance premiums.
Tivoli father-of-five Matthew Carter, whose insurance paid out only half of the policy when he was forced to rebuild his home in 2011, said he was contemplating taking up a second job in order to pay for massive premium increases.
Just before Christmas, the Carter family was told the home insurance premium would rise from $1600 to $8840. Shopping around proved futile, with other companies asking for premiums ranging from $6000 to $17,000.
Mr Carter said some companies refused to insure his home at all.
"It is ridiculous," he said.
"I am a person who does not like taking risks when it comes to insurance, but this makes it pretty hard for us to do anything.
"I am a person who does not like taking risks when it comes to insurance, but this makes it pretty hard for us to do anything.
"I will look around for a weekend job to cover it."
The Carters weren't the only family to be shunned by the insurance companies two years after the floods.
Alan and Judy Barralet of Barellan Point were shocked to find that their premium skyrocketed from $1425 to $6132. All this, despite a rise of only a few hundred dollars last year.
"We thought the initial premium rise was reasonable - we expected it after the floods," Mr Barralet said. "They have told us that they have assessed each property on an individual basis, but I think it is pure profiteering."
A spokeswoman from the Financial Ombudsman's office said the issue of insurance company premiums was beyond their jurisdiction and that the best advice they could give to consumers was to "shop around".
Attempts to shop around also proved a waste of time for the Barralets, who are now considering self-insuring.
Mayor Paul Pisasale has called for the Federal Government to introduce a national scheme to assist people who could no longer afford flood insurance.
Vicki Ash, who helped set up a support group for Ipswich flood victims, said some residents were still battling with their insurers over flood claims.
"The insurance needs to be made affordable for everyone. How many residents in Ipswich can afford to pay over $500 per month to insure their home? Or do they simply take the risk and leave their home uninsured?" she said.
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11.1.13
