Yeppoon's Peter Lear can't fathom a 280% increase in insurance premiums in three years. Photo Allan Reinikka / The Morning Bulletin
Yeppoon's Peter Lear can't fathom a 280% increase in insurance premiums in three years. Photo Allan Reinikka / The Morning Bulletin Allan Reinikka Rokainsuran

Coast couple have had enough of massive insurance hikes

INSURANCE premiums have almost tripled in three years for one Yeppoon couple who feel there is no justification for such a severe increase.

Peter Lear's home and contents premium was $1695 in 2011 and has steadily risen to $4740 this year.

He is at a loss to know how insurance companies can justify the unexplained increases.

"What really annoys me is whenever you hear them interview the Insurance Council of Australia, they always refer to the postcode."

Postcode 4703 covers a large area including Stockyard Point and Causeway Lake.

Although Yeppoon Central has a higher rate of breakins, Mr Lear says he shouldn't have to pay for that.

He lives with his wife in a flood proof home, in a quiet part of Yeppoon where breakins are extremely unusual.

The house is deadlocked with security screens and a blue cattle dog; enough to make any intruder keep walking.

In accordance with the building code, the couple paid extra to have their house built to W51 cyclone specifications, enabling it to withstand winds up to 183kph.

"Then we have to pay extra for cyclone coverage," said Mr Lear.

"There have never been winds of that speed, we've more than overbuilt…the reason we chose this block of land was because we knew it wasn't going to be inundated with water.

"In 2013 we had 770mm of rain in 48 hours and no water entered the house."

Mr Lear said he had lived in the house for 17 years and made one claim for $1700 last year.

"We have friends who live on the outskirts of Brisbane with a policy in the same ballpark as ours.

"In 2013 their premium was less than $1100."

The Insurance Council of Australia and Mr Lear's insurance company were unable to be contacted last night.



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