Seminar to address strata insurance hikes
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 email@example.com.