A retired Albury resident has had his home insurance premium reduced by more than 500 per cent after he demanded up-to-date flood risk information.
Barry Pitman says an insurance representative from St George told him the new premium for his home and contents insurance would be $6,400 compared to $1,200 the previous financial year.
Mr Pitman says the company reversed its decision after he received Albury City Council's latest flood study maps, proving he was not in a flood risk zone.
"The impact for me is that my insurance will come back to a very sensible, reasonable amount, equivalent to what I paid last year, including flood insurance," he said.
"For me it's going to be of the order of just a little over $1,200."
© ABC 2012
15:26 EST Drought assistance should not be used to prop up bad farmers, a leading agribusiness consultant has warned.