dated 2020....good luck Some home insurers will no longer touch parts of the Gold Coast, leaving residents with unaffordable premiums or without insurance as what experts call the “red-zone” phenomenon expands.It comes after the Gold Coast experienced a major flooding event earlier this month, with more than 120 millimetres of rain falling in one day. Rainfall records were also smashed earlier this year.Quote requests lodged with Youi, Budget Direct and other budget insurers were denied for properties in Harris Court, Currumbin Waters, which is in a City of Gold Coast designated flood zone.Other, larger, insurers offer quotes for policies, but the premiums could be as high as $9000 a year for just the house if storm surge coverage is included.For policies where storm surge coverage was not immediately clear, the price was between $2500 to $2900.One resident in the area, who declined to be named, told Domain that Youi declared there was no option to renew their policy when it expired.Red zones are where home insurance becomes prohibitively expensive due to the high risk of natural disaster, or insurers decline to offer coverage at all.In parts of Surfers Paradise, the situation is similar. In a flood zone in River Drive, both Youi and Budget Direct did not issue online quotes.
