Insurance costs still a concern

IT’S been six years since the last significant cyclone, Yasi, struck the Far North.

Yet we are still being stung with high insurance premiums despite the cyclone and previous cyclone Larry striking around Innisfail and other smaller towns such as Cardwell and Tully, and not the main centre of Cairns.

But down south there are annual major weather events such as floods in Brisbane, storms in Sydney and bush fires in southern states.

These events cause billions of dollars of damage but it appears their insurance premiums have not risen to the outrageous levels as in the Far North.

The issue has been a problem for residents for years and continues to cause financial stress.

We are an easy target because of a lower population and the perception of high cyclone risk.

Many of the buildings, including unit and apartment complexes as well as houses, have been built to a very strong cyclone-proof standard in Cairns.

Instead of targeting the 4870 postcode, insurance companies need to assess each individual property and charge a relevant premium.

Those who have older properties not built to the higher standards should pay more, while those who meet the standards should pay less.

Yes, it sounds simple, but it is not fair to blanket a region based on its postcode.

Despite the government inquiries and hearings, the promises by politicians and the excuses by insurance companies, the region’s property owners still face exorbitant premiums every year.

It’s a situation that is a major financial worry for many residents and it’s not going away.