Why does Central Queensland fall under North Queensland for insurance purposes? Even though we've had no claims for over ten years, insurance companies won't quote or are governed by a maximum insurance amount of $5 million.
- Why is Sure the only insurance company willing to insure our 17 lot strata building? Over the the past 13 years, although we've had a cyclone, high winds and hail storm, we haven't had a claim.
- Our building replacement is $7 million. According to Govt legislation, Sure Insurance's maximum insurance cover is $5 million. Insuring for the extra $2 million is excessive.
- We are in the Govt Reinsurance ARPC scheme and have been told by our insurers that because of this, we have had a minimal increase in this year's policy. Can we ask the insurer to disclose the amount to ensure we get the full reduction?
Recent changes have resulted in significant consumer wins and should provide better coverage options.
The challenges faced in Northern Australia are related to cyclone risks affecting areas north of Gladstone on the Queensland coast. This issue impacts consumers in both northern and central Queensland who are located above this region.
We understand your frustration with the limited options available. ACIL has been actively lobbying insurers to increase their capacity in Northern Australia following the implementation of the Cyclone Reinsurance Pool (Pool). We are pleased to inform you that Sure is now offering $20 million in capacity as a direct result of the Pool. This increase is a significant win for consumers, including those in your situation, and should provide better coverage options.
The previous limit of $5 million for Sure's insurance cover has now been addressed, with the new capacity increase to $20 million. This should help alleviate the issue of needing additional cover for your building replacement cost of $7 million.
Insurers are not required to disclose specific premium savings resulting from the Cyclone Reinsurance Pool. However, the ACCC is monitoring to ensure insurers pass these savings on to consumers.
We hope to see more savings from the Cyclone Reinsurance Pool as it expands to benefit more consumers.
This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Shandit Pty Ltd T/as Strata Insurance Solutions strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances. Shandit Pty Ltd T/As Strata Insurance Solutions is a Corporate Authorised Representative (No. 404246) of Insurance Advisenent Australia AFSL No 240549, ABN 15 003 886 687.
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Tyrone Shandiman is a seasoned professional in the insurance industry having embarked on his journey in 2004 within the financial services sector. In 2011, he established Strata Insurance Solutions, transforming a garage startup into a reputable firm servicing over 900 clients with a dedicated focus on strata insurance. Tyrone's role extends beyond managing operations and tackling complex insurance matters; he also founded the Australian Consumers Insurance Lobby, championing consumer rights within the insurance industry. Notably, his efforts and expertise have been acknowledged with numerous industry awards. Adding to these accolades, Strata Insurance Solutions was recently named an Australian Top Brokerage by Insurance Business Australia Magazine, a testament to the firm's excellence and leadership in the field. Tyrone is a regular contributor to LookUpStrata.
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