North Queenslanders may soon get some relief from the increasingly high costs of home insurance.
Suncorp has been working closely with scientists at James Cook University to develop ‘cyclone resilience’ modelling that will identify private homes that were built – or have been remediated – to withstand cyclone damage.
Northern-based Senator Ian Macdonald has welcomed the work being done by Suncorp and JCU.
“Representatives from Suncorp have indicated to me that as early as January 2016 they will be offering a significantly discounted product to homeowners who can show that their home is ‘cyclone resilient’.
“The insurer and JCU are working with local builders and the state government to devise an assessment model for establishing a home’s resilience.
“This includes looking at information already be available on record with local authorities.
Senator Macdonald said that the Suncorp model of discounting premiums for ‘cyclone resilient’ homes would reward home-owners who have addressed the risk of cyclone damage.
“People who have built a cyclone-rated home will be able to access these products, as will homeowners who have retro-fitted their homes to withstand destructive storms.
“A simple assessment by a registered inspector is all it will take,” he said.
Suncorp has also already started selling a no-brokerage discounted insurance product for strata title properties up to $5m.
“There are some very positive changes happening in the home insurance space – and they are being driven by the insurers themselves.
“The ultimate beneficiaries will of course be the people of the north,” said Senator Macdonald.