Strata Flood Insurance Update

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The Catastrophic floods in Queensland, NSW and Victoria have prompted the Federal Government to take action on 2 fronts. Changes to strata title insurance policies is a possibility, due to a parliamentary investigation and introduced proposed laws. The Federal Government will investigate the affordability of residential strata insurance in a new inquiry. It will be taking submissions up until 16 January 2012. Strata title insurance cover is also under scrutiny with a new Bill proposing to make changes to insurance policies that relate to cover for flood. If you are interested in putting in a submission please visit www.aph.gov.au/house/committee/spla/strata/tor.htm

The huge increases in some policies have caused havoc across the industry and Body Corporate managers have found themselves obtaining more quotations for comparable insurance this year. The floods and Cyclone Yasi were an incredible strain on Body Corporate funds and insurance policies covered very little of these expenses so at a time when money was already tight it has caused crisis amongst many complexes across Queensland. The SCA Qld (Strata Community Australia (Queensland) – formerly CTIQ) have been working tirelessly with government and insurance company Executives to try and come to a suitable result for everyone. It is an ongoing process but one we wont let up on until we are all satisfied that our Clients are being looked after.

For more information please don’t hesitate to contact our own Body Corporate Manager, Cath Blanchard on (07)54488725.

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