Yet many home and business owners who've suffered major damage have said they're not insured.
In the wake of the devastating floods on Australia's east coast, there are calls for all banks and insurers to be required to be more transparent about the etreme weather risks of properties.
But with climate change set to worsen extreme weather events, an exponential rise in premiums is predicted.
Meantime, the big four banks have rolled out financial support for customers affected by the floods.
Westpac has launched a 10 million dollar fund to provide grants to customers and businesses in flood-affected areas.
CBA, NAB and ANZ have also announced financial support measures.
