Body corp calls on government to do something about insurance
PROVIDING insurance relief to North Queensland has been tagged as an important issue in the lead up to the federal election.
Archers Body Corporate Management managing director Colin Archer is calling on the federal government to do something about the insurance market failure in the North, which needs more competition to help reduce prices.
‘‘Under current legislation insurance companies are allowed to pick and choose which areas of the state they would like to offer strata insurance, which has resulted in many of them leaving the market in the past two years - this is something that needs to change,’’ he said.
‘‘The impact of spiralling costs has forced some owners to go without insurance and has eroded the unit market in North Queensland to the point where it is now the worst performing property market in Australia.’’