Insurance price gouging to be investigated
PROPERTY owners unhappy with their body corporate insurance premiums and strata insurance have until Monday to submit their concerns as part of the federal fight against the body corporate giants.
Member for Leichhardt Warren Enstch’s call for something to be done about premiums rising 400800 per cent has been backed by his political rival, Labor senator Jan Mclucas.
Ms Mclucas has launched a federal committee to investigate the allegation of price spiking after Mr Enstch’s submission to the Australian Competition and Consumer Commission (ACCC) to investigate price gouging in the Far North.
Mr Entsch’s campaign is coming to a close but before it does next Monday the federal representative is urging everyone to submit their stories of their insurances rising.
The fight is gaining momentum with the Federal Government announcing the Natural Disaster Insurance Review would also include the issue of rising premiums following the North Queensland community forum held in November of last year.
The inquiry into residential strata title insurance in North Queensland will examine the cost and affordability of the insurance and it is important property owners have their say to ensure the outcomes reflect the current price situation.
Send submissions and contact details by Monday to spla.reps@ aph.gov.au and it does not have to be a formal submission - how much your body corporate premi- ums and strata title insurance has risen and how it has affected your livelihood.
Public hearings will be held throughout North Queensland and everyone is urged to attend. The Port Douglas hearing will be on January 30 at the Port Douglas Community Hall from 9am-12pm and at the Sebel Hotel in Cairns the same day from 2.30pm-5.30pm.