Australian home insurance premiums hit record highs

Australian households are paying record amounts for home insurance, with premiums rising 14.7% in the past year and 51% over five years. Natural disasters including extreme heat, catastrophic fires, flash flooding and hailstorms, combined with surging construction costs and labour shortages, are driving the increases. Many affected households have never made an insurance claim, with some homeowners now considering self-insurance due to the escalating costs.See omnystudio.com/listener for privacy information.