Massive premiums increases are making coverage cost prohibitive for many owners in high risk areas. Following massive flooding in Queensland, Australia, many businesses are starting to drop their flood insurance and even their property coverage at a rate that is faster than the rest of the country. This, according to a national survey that studied the rates of dropped coverage. The plummeting flood insurance and property coverage levels have been blamed on the challenges faced in certain sectors of the economy, in combination with the rapidly rising premiums following a…
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