Insurance is a topic of conversation that is discussed a great deal in Lismore and the Northern Rivers.

If you are out of the floodplain, you have seen your premiums increase anywhere between 25% and 50%. You can put that down to many natural disasters in Australia in 2022, being located in Lismore and the Northern Rivers and rebuilding costs have skyrocketed so houses need to be insured for more.

If you are on the floodplain, insurance is a totally different game.

A resident in South Lismore, who wishes to remain anonymous, has been offered a House Buyback by the NRRC. On the surface this sounds positive, however, what she wanted was a House Raise but this was refused.

"If I went up to 3.5m this would take my house above the February 28 2022 flood event," she said.

The Resident did find a company to give her flood insurance but it wasn't easy and it wasn't cheap.

"I now have a different agency than before the flood," she said, "I was paying $160 a month ($1,920 per year) and now it is $400 a month ($4,800 p/y) but that does include flood insurance."

"I can't believe they insured me for flood but I'm really grateful."

The journey to find an insurance company was not easy.

"A local broker just said 'forget it, you've got no hope' and the first four said no, they didn't want to touch it with a barge pole. Friends in Woodburn were quoted $30,000 for flood insurance."

"I am terrified that this is not real in the event of another flood."

In Woodburn, another anonymous resident has a story where insurance quotes for flood insurance were a whopping $30,000 plus.

"It was either a no or if the insurance company would insure us it was just not affordable."

"Our whole street is the same along Rocky Mouth Creek Road, a lot of streets are in the same position. Some people, on one side of the river can get insurance and the other side can't. And we have never flooded before."

The unfortunate part of that statement is a phone call from the NRRC saying they are not eligible for any of the streams, not even a retrofit.

"We are built off the ground and have a split-level house. The water came into the lower level to head high and it waist deep on the upper level. We have fixed the upper level but not the lower, it's still sitting there waiting. We have to redraw on our loan to fix the house, we don't have a choice. I don't understand it"

"The NRRC doesn't classify us a flood risk but the insurance company does."

So, Woodburn has managed to get insurance for their home but that does not include flood insurance at a cost of $300 per month ($3,600 per year) which is up from $140 a month.

The situation is similar for businesses on the floodplain.

One told the Lismore App they had the money for insurance, including flood insurance, but could not find an insurance company that would offer a policy. While for others, it was unaffordable before the flood let alone after February 28 2022.

The solution? It appears to lie with the Federal Government's Re-Insurance Scheme which is still being discussed and showing no signs of becoming a reality soon or serious flood mitigation measures following the release and execution of the CSIRO report. Either way, the solution looks to be years away.