Natural disasters cause home premiums to rise by more than 10 per cent

The Motley Fool's Chief Investment Officer Scott Phillips says home insurance premiums have increased by 10 to 14 per cent in many parts of Australia amid an influx of natural disasters. "The average home and contents policy, half a million dollar house, 50 dollars in contents, up 14 per cent year on year," Mr Phillips told Sky News Australia. "It's those natural disasters that have pushed it up, it's not bad enough that we've had bushfires and floods and COVID and everything else. "Insurance is looking around saying, 'guys this is costing us a small fortune, we're going to have to start to put these up'. "The bottom line is, wages aren't going up, inflation's not going up and yet insurance premium's up 10 to 14 per cent in many parts of Australia." Via news.com.au — Australia’s leading news site https://www.news.com.au