Home insurance premiums hit record high in Australia

Australian households are paying record amounts for home insurance, with premiums rising 14.7% in the past year, costing families up to $373 extra annually. Natural disasters including extreme heat, catastrophic fires, flash flooding and hailstorms, combined with surging construction costs and labour shortages, are driving the increases. The Climate Council of Australia reports premiums have risen 51% over five years, with many affected households never having made a claim.See omnystudio.com/listener for privacy information.