What can FNQ lot owners do when high insurance costs mean building maintenance is being neglected?

The Australian Gov has pledged $10 billion toward a Northern Australian reinsurance pool. This is designed to assist firstly with your comment on high insurance premiums. Hopefully over the next year or so we will see a drop in the extreme premiums in FNQ as a result of this government backed scheme.

Regardless of the cost of insurance, a body corporate cannot neglect maintenance of the building or common property. It has a legal duty to maintain the property regardless of individual owners and their financial standing. It is important for owners to note that failed and neglected maintenance is inevitably going to lead to higher insurance premiums. The more frequently the BC has to claim for water leaks, injuries on common property etc, the insurance premiums will continue to skyrocket.

If necessary, the BC may need to consider taking a loan to raise the relevant funds and repair/ complete the required maintenance.

Worth noting as well, failed garden maintenance and failed building maintenance will have an adverse effect on the value of the owners units. Poorly presented schemes, lacking in maintenance, are going to be very hard for an owner to sell or lease their unit and gives rise to the question of compensation to owners because the body corporate has failed its duties.