Underinsurance in Property: A Growing Concern
- GIB Geelong Insurance Brokers
- Aug 15, 2025
- 1 min read
Australian businesses are feeling the squeeze of rising insurance premiums, building costs, and extreme weather—but a more silent threat is growing: underinsurance. New figures from the Insurance Council of Australia (ICA) show that 83% of property owners are underinsured, with many lacking the coverage needed to fully rebuild after a disaster.
For SMEs, this isn’t just a paperwork problem—it’s a risk that could derail long-term recovery after a flood, fire, or storm. With premiums increasing by as much as 30% in high-risk areas and construction costs continuing to rise, many policies no longer reflect real-world rebuild costs. Businesses that haven’t reviewed their cover in the past 12 months may already be exposed.
Whether you run a warehouse in Wagga, a cafe in Cairns, or a storefront in Shepparton, underinsurance can mean the difference between bouncing back or shutting your doors. And with natural disasters expected to become more frequent and severe, it’s a problem that’s only getting worse.
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