From the Cairns Post - I did warn them it would happen after the TIO was sold to Allianz in 2015!!! Welcome to our world. January 18, 2016 1:39pm CRAIG DUNLOPNT News KATHERINE residents in flood-prone parts of town are shopping around for a better deal on insurance after some of their premiums with TIO more than doubled. Katherine resident Vina Hornsby said the now privately owned company had upped her annual premiums from $4150 to $10,100, forcing her to speak with a broker. “This is just the first increase in premiums, and they say there will be three in total. I’ve heard of people in Brisbane paying upwards of $20,000 a year for insurance and I was afraid things were heading that way,” she said. Ms Hornsby said she was expecting an increase in premiums following the announcement the company would change the way it calculated flood risks, but described the sharp increase as “over the top”. “Sixty per cent is a big increase,” she said of typical residents in flood-prone areas of Darwin, “But 140 per cent is worse,” she said. “I’ve also spoken with people whose premiums went up from $2000 to $11,000.” Ms Hornsby said her elevated house was designed with flood risk in mind, and that the quote had left her considering whether insurance was worthwhile. It was only after getting other quotes that she found a more reasonable option. The increase in premiums for houses in flood-prone areas was forecast before the Government’s sale of TIO to Allianz Insurance, but the magnitude of the increase has caught many homeowners by surprise. Local member Willem Westra van Holthe, whose house is also in a high flood risk area, has moved to explain the price hikes to the community. “During the public meeting that was held in Katherine prior to the sale, TIO were pretty clear that, sale or no sale, premiums for homes and businesses in flood-affected areas were going to rise,” he said. Mr Westra van Holthe said the changes were a result of TIO stepping into line with other insurance providers and properties’ flood risk based on more precise flood data. A TIO spokeswoman said the changes would mean half of policyholders in the Territory would have their premiums reduced or stay the same. The company was unable to clarify yesterday how many of its policyholders would see a drop in their premiums.