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Escalating Home Insurance Costs Deepen Australia's Protection Gap

Understanding the Impact of Rising Premiums on Homeowners

Escalating Home Insurance Costs Deepen Australia's Protection Gap?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Australian homeowners are facing a growing protection gap as escalating home insurance premiums render adequate coverage increasingly unaffordable.
Recent data indicates that average home insurance premiums have risen by 16% over the past year, with some insurers implementing hikes exceeding 30%.

This surge in costs has led to a concerning trend where many households opt to reduce coverage or forgo insurance altogether, exposing themselves to significant financial risks in the event of property damage or loss. Factors contributing to these premium increases include heightened construction and reinsurance costs, more frequent and severe weather events, and widespread underestimation of property replacement values.

For home services business owners operating from residential premises, this underinsurance trend poses additional risks. Ensuring that both personal and business assets are adequately covered is essential to mitigate potential financial setbacks. It's advisable to regularly review insurance policies, accurately assess property values, and consult with insurance professionals to secure comprehensive coverage that aligns with current market conditions.

Published:Monday, 23rd Feb 2026
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

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Escalating Home Insurance Costs Deepen Australia's Protection Gap
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23 Feb 2026: Paige Estritori
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