Flood maps help secure insurance winMonday November 19, 2012 - 13:03 EDT
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
More breaking news
Prolonged heatwave conditions are helping elevate the bushfire threat in parts of New South Wales this week, after a slow start to the season.
A four-day heatwave that begins on Wednesday will bring the same kind of conditions that saw more than 200 Queenslanders treated for heat stroke and dehydration last week.
A Queensland MP is calling on the major banks to develop offsetting options for farm management deposits to help landholders save in the good times.