Suncorp will recommence writing home and contents insurance policies in Roma after a 16 month embargo.
The announcement comes as construction begins on a levee to protect Roma from flooding.
While new insurance policies will be sold based on existing risk levels, Suncorp is working with the Maranoa Regional Council to access data relating to the construction of the levee in order to re-price premiums when the works are complete.
The company said initial estimates for a typical $300,000 home inside the new levee may see an average premium reduction of 30 per cent.
Suncorp Personal Insurance CEO Mark Milliner said the Suncorp Group had advocated strongly for more proactive government investment in mitigation infrastructure and changes to building approval and planning conditions.
"Many communities in Queensland and Australia-wide could be better protected - and pay lower premiums – with the right funding and government policies.
"I would like to congratulate the Council and various governments on the realisation of their efforts to protect the lives and homes of Roma residents," Mr Milliner said.