JCU to lead Strata title scheme looking at insurance premiums

Today’s announcement that James Cook University will develop and manage a Strata Title Inspection Scheme shows the Turnbull Government is committed to reducing the cost of insurance premiums for North Queenslanders, Townsville based Government Senator Ian Macdonald said today.

Senator Macdonald said the insurance premiums, along with electricity prices, were one of the biggest household expenses for homeowners in the North.

“North Queenslanders are well aware of the risk of damage as a result of natural disasters such as cyclones and major rain events, but the ugly reality is that many simply can’t afford the exorbitant cost of home insurance,” Senator Macdonald said.

“I’ve heard of many instances where families have no choice but to leave their properties uninsured, and it will come as a great relief to many to see new measures to help bring prices down.”

Senator Macdonald said he also welcomed a renewed focus by the Australian Competition and Consumer Commission (ACCC), which has committed to developing solutions that will lead to lower premiums.  

James Cook University will work with the Queensland Government to develop and implement the Strata Title Inspection Scheme, which will help strata title properties improve their susceptibility to weather damage, and make their properties more resilient.

The ACCC issues paper and information about public forums is available on the ACCC website. Submissions can be emailed to [email protected] and close on 21 December, 2017.

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