Insurer backs strata titles
Help to cover premiums
Help is on the way for North Queensland residents living in higher valued apartment complexes who are struggling to pay their increasingly expensive residential strata insurance premiums.
In a move to shake-up price competition and access to this essential insurance across Northern and Regional Queensland strata markets, Sure Insurance has increased its Residential Strata Insurance cover from $5m to $20m (replacement value).
The Australian Competition and Consumer Commission’s most recent insurance monitoring report, it noted that strata insurance premiums in northern Australia remained much more expensive in 2022–23 compared to the rest of the country.
“For higher value strata properties with sums insured over $4m, policyholders in North Queensland paid the highest median premiums at
$33,118, or more than three times the median price in the rest of Australia at $10,535,” the ACCC said.
Sure Insurance managing director Bradley Heath said NQ’S body corporates and lot owners had struggled with extremely high residential strata insurance premiums for many
years, with the limited number of available strata insurance providers resulting in an affordability crisis.
“Affordability was exacerbated by some insurance providers exiting the residential strata market that effectively reduced competition and placed enormous upward pres
sure on premium prices,” Mr Heath said.
“Many Northern Queensland body corporates were faced with the prospect of not being able to adequately insure their complexes or were forced to source residential strata insurance cover from offshore providers.”
As a consequence of the sum insured increase to $20m, he said many more body corporates and lot owners could access alternative competitive strata premium offerings.
“Sure Insurance will recognise and reward well-managed body corporates who have enhanced the resilience of their complexes with reduced strata premiums,” Mr Heath said.
The Residential Strata Insurance will be available to purchase through the established network of Sure Insurance Authorised Brokers across regional Queensland.