Sem­i­nar to ad­dress strata in­surance hikes

Whitsunday Times - - LOCAL NEWS -

WHIT­SUN­DAY res­i­dents are brac­ing them­selves for an ex­pen­sive storm sea­son if in­surance pre­mi­ums con­tinue to rise.

De­spite in­creased com­pe­ti­tion in the in­surance mar­ket and gov­ern­ment ini­tia­tives to re­duce pre­mi­ums, lead­ing North Queens­land strata man­age­ment company Archers Body Cor­po­rate Man­age­ment has re­ported that Whit­sun­day unit own­ers are still pay­ing too much.

Archers Body Cor­po­rate Man­age­ment Branch Man­ager, Melissa Braney, said unit own­ers could not af­ford to ig­nore the price in­equity.

"Res­i­dents are still dis­il­lu­sioned by their pre­mi­ums and we are en­cour­ag­ing them to con­tinue to come to­gether and pres­sure the gov­ern­ment and in­surance com­pa­nies now, or it's likely they will con­tinue to feel the pain of high in­surance pre­mium prices, es­pe­cially if this year’s storm sea­son brings more cy­clones and dam­age," Ms Braney said.

Archers Body Cor­po­rate Man­age­ment will be hold­ing a free ed­u­ca­tion sem­i­nar next week, where in­surance ex­pert Chris Glass of Ho­nan In­surance Group and Mackay Mayor Deirdre Comer­ford will en­cour­age unit own­ers to re­main vo­cal about the is­sue and pre­pare for the road ahead.

Ms Braney said although the in­surance land­scape had shifted in the past 12 months, new ini­tia­tives had not be­gun to take hold and unit own­ers still faced a long road to costre­cov­ery.

“Build­ings where main­te­nance has been ne­glected and com­plexes in high risk lo­ca­tions such as beach fronts are strug­gling the most to get re­lief from the high pre­mi­ums costs,” she said.

“We don’t be­lieve there will be much re­lief due to mar­ket forces alone, which is why we are en­cour­ag­ing unit own­ers to make their voices heard.”

Ms Braney said thank­fully the in­surance land­scape was evolv­ing quickly “and we are hope­ful that with con­tin­ued pub­lic pres­sure, some re­lief from high pre­mi­ums is close for the majority of unit com­plexes in the re­gion”.

The Mackay/Whit­sun­days strata in­surance ed­u­ca­tion sem­i­nar will be held at the Clar­ion, Mackay, next Tues­day, Oc­to­ber 7 from 6-7.30pm. To RSVP phone 4946 3000 or email whit­sun­days@abcm.com.au.

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