Insurance costs, particularly for homes and contents, have been rising alarmingly. Rate increases mean a growing number cannot afford continuing coverage.

I have been with the same insurance company since we purchased our house. We have never made an insurance claim. Looking back over past records is illuminating. Regarding house and contents, the policy for the 2006 fiscal year was $1224.60 or $47.10  per month in premium plus stamp duty and GST.

Come 2025, and the base premium is $7793.66. GST ($779.37) and stamp duty ($857.31) increase the twelve-month total due to $9430.34. That is an increase of $970 over 2024. Australia-wide, insurance costs are exploding. For far too many, properties and contents are uninsurable because of eye-watering premiums. 

It seems to me that governments should waive both the GST and stamp duty components of premium costs in the interests of supporting our Australian population. That could well enable some to maintain their premium payments. The thought of no insurance in the face of disaster is awful to contemplate.

Insurance – yes it is the highest of costs and ever rising.