How can FNQ strata schemes with over 50% holiday letting find insurance cover?

I do just have to say that the situation in North Queensland and Northern Australia is very, very dire. There are many buildings that are struggling to find insurance. The main issue is 'Can the body corporate tell owners that they can or can't use holiday letting within their lot?'. Obviously, that's a very hot topic at the moment. I don't believe the case law is in favour of that.

It comes down to going to the entire market, finding all your available options. If there's a requirement for certain percentages, it might be worthwhile talking to some of the owners as a committee and saying, 'Hey, we need to bring this number down. Instead of letting these lots out, can we have some owners that elect to not holiday let their properties?', and failing that, I guess it's looking at what are the other options available with other insurers.

I'm hoping that in the coming years and leading up the federal elections, there might be a change of stance from the government on how they handle Northern Australia. My personal preference would be for a government backed reinsurance pool Corporation, to provide catastrophe insurance to insurers for things like Cyclone and terrorism and other perils that they're not insuring. But time will tell as to how the government they've had quite a while Time will tell as to what they do or if they do anything about it.

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