Victorian Bushfires Set to Drive Up Insurance Premiums in High-Risk Regions

Roger Wilkinson, a property owner in Harcourt, had his 130-year-old weatherboard home destroyed in the blaze. Fortunately, his insurer has already assessed the damage, providing some relief. In contrast, his neighbor, David Jeffries, who couldn't afford insurance, faces the daunting task of rebuilding without financial assistance.

The ICA's director of mitigation and extreme weather response, Liam Walter, indicated that while premiums don't typically rise after a single event, a series of costly disasters could impact pricing. He emphasized the importance of proactive measures, such as backburning and forestry management, to mitigate future risks.

For landlords, these developments underscore the importance of securing comprehensive insurance coverage and staying informed about potential premium changes, especially in high-risk areas.