New Actuaries Institute report finds 1.6 million Australian households face home insurance stress

As many as 1.6 million Australian households are now facing home insurance affordability stress, a new report has found, as steeper premiums crunch budgets.

A new Actuaries Institute report revealed this was up from the 1.24m reported a year ago, with these households now spending an average of 9.6 weeks of their gross income on home insurance.

Overall, the proportion of “affordability stressed” households — those facing home insurance premiums of more than a month’s gross annual income — rose 15 per cent in the year to March, from 12 per cent.

The local government areas suffering from extreme home insurance affordability pressures are concentrated in regional WA, the Northern Territory, and south-west Queensland.

In these areas, half the households face home insurance premiums that exceed a month’s gross household income.

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