Queensland's biggest insurer Suncorp says Roma residents in southern inland region will only see a drastic reduction in flood premiums when construction on a levee begins.
The Maranoa Regional Council has been given $3.5 million in state funding towards building levee banks around the southern inland town.
Suncorp says it is reviewing a decision it made in May not to write new flood insurance policies.
However, Suncorp spokesman Marcus Taylor says it is too early to reduce premiums for existing customers.
"Once it's fully committed, once we start seeing construction we can then reprice premiums," he said.
"People will see premiums around 70 per cent less, once the proposed work is completed and more importantly residents and businesses in the area will be better protected.
"We have given a commitment to review our position out there and we will be going out there to have a chat to the local government representatives.
"However, we will still want to see full construction be completed before we do a full revision on premiums."
© ABC 2012
22:41 EDT Flash flooding has inundated homes in the Port Macquarie and Camden Haven area on the mid-north coast of New South Wales.