One in eight households are spending a month's wages on home and contents insurance, while a quarter of vehicles don't have adequate car insurance, experts say, as premiums skyrocket following flood and fire disasters.
Fran Ross is all too familiar with steep insurance price hikes. The age pensioner was stunned when the renewal for her home and contents insurance increased by about 400 per cent.
"I would have expected a slight increase, but that was absolutely extreme," she said.
Experts say 1.24 million, or one in eight, Australian households are now having to spend at least four weeks of gross household income to buy a "meaningful house insurance premium".
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