The Australian has reported on the crisis in strata insurance in the Far North with insurance premium hikes of up to 400% being quoted. This has not received a great deal of local attention given that it should be a significant economic issue for the viability of strata title property and development.
There is an absence of competition in strata title insurance after some major insurers, including Suncorp previously, exited the market leaving only a few players. At least that was the situation as understood following a body corporate insurance seminar earlier this year. KS is due to commence negotiations for insurance renewal on behalf of his unit block next week so will take a keen interest and update on progress .......
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