Body corporate insurance skyrockets in far north Queensland

Body corporate insurance skyrockets in far north Queensland

Posted on Monday, January 09 2012 at 4:34 PM

Body corporate insurance premiums have reportedly risen by as much as 400 per cent over the past 12 months in parts of far north Queensland, according to the House of Representatives Standing Committee on Social Policy and Legal Affairs.

The committee’s chair, Graham Perrett, says insurance has literally gone through the roof since Cyclone Yasi and the cost is making affordability an urgent issue.

“The rate of strata title insurance premium increases in northern Queensland since Cyclone Yasi has been absolutely staggering and people are concerned whether these increases will be sustained,” Perrett says.

“The cost of insuring properties in body corporates is rapidly becoming prohibitive, particularly for residents on pensions and fixed incomes. We have to be concerned about the financial and social impacts for residents and property investors, as well as the flow-on effects for regional economies in far north Queensland. This is a very serious issue that warrants further investigation.”

The committee will hold public hearings in Port Douglas, Cairns and Townsville. Details:

Monday, January 30, 2012. Port Douglas Community Hall, Mowbray St, Port Douglas, from 9am to noon.

Monday, January 30, 2012, Sebel Hotel, 17 Abbott St, Cairns, from 2.30pm to 5.30pm.

Wednesday, February 1, 2012, Reef HQ, 2-68 Flinders St, Townsville, 9am to 3pm. (Videconferencing will be available in Mackay from 1pm to 3pm, Central Queensland University, 6/G.03 Boundary Rd, Planlands, Mackay.)

Article source: