Fairfax Media Network

Weather News

Cheaper Roma flood insurance depends on levee

By Fidelis Rego, Tuesday November 27, 2012 - 12:48 EDT

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

© ABC 2012

More breaking news

ABC News
Sydney Morning Herald
National Nine News
News Limited

Display Your Local Weather

Weather News

Drought worries grow in Victoria, South Australia with some areas having lowest rainfall on record

17:22 EST

Rainfall totals are the lowest on record over the past year for parts of western Victoria and south-eastern South Australia, weather forecasters are warning.

Agriculture Minister Barnaby Joyce 'takes on board' concern that farmers are struggling to access drought loans

15:53 EST

Agriculture Minister Barnaby Joyce has indicated he might be prepared to consider changes to improve the Federal Government's concessional loans scheme for drought-hit farmers.

Labor, Greens slam Agriculture White Paper for lack of strategic vision or climate change consideration

14:44 EST

Prime Minister Tony Abbott says his government "wants to back people who are prepared to back themselves", and that a newly released vision for Australian agriculture will do just that.