Read the fine print, for peace of mind

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WITH much of Queensland and Victoria still awash, and the country locked into clean-up mode, the impact of the disasters on Australian homeowners is not yet clear.

While it is too early to gain an accurate picture of how the floods will affect Australian property markets, it is clear that homeowners throughout the country will need to absorb the damages bill.

Reports this week indicate that the devastation wrought by the floods and Cyclone Yasi will add at least 10 per cent to annual house and contents insurance premiums — or about $120 a year for the average Melbourne house.

Rents are also expected to rise in neighbourhoods surrounding flood-affected areas, as tens of thousands of people who lost their homes seek accommodation.

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