We all find the cost of insurance too high, but have you ever thought to actually fight against big hikes to your premium?
A growing number of Australians are trying just that, with limited success.
Today, national consumer affairs reporter, Michael Atkin, on why insurance costs continue to surge and how Australians are trying to force the insurance giants to justify the hikes.
Michael Atkin explains that insurance premiums have jumped 11% in the past year, following even higher increases in previous years.
He shares stories from frustrated home owners like Mark Stacey and Warren Vant, who have seen their premiums skyrocket.
The industry justifies these hikes, citing increased severe weather and inflation.
Michael Atkin says while some consumers have had success challenging their insurers through the Australian Financial Complaints Authority, many others have not been as fortunate.
Featured:
Michael Atkin, national consumer affairs reporter
Key Topics:
- Insurance premium hikes
- Australian Financial Complaints Authority (AFCA)
- Natural disasters and insurance
- Inflation and building costs