Northern and Regional Queensland insurance specialist Sure Insurance, today announced it has expanded its Residential Strata Insurance* cover to include higher valued apartment complexes and reinforced its commitment to the delivery of strata premium affordability.
In a move that will ‘shake-up’ price competition and access to this essential insurance across Northern and Regional Queensland strata markets, Sure Insurance has increased its Residential Strata Insurance cover from $ 5 million to $20 million (replacement value).
Bradley Heath, Managing Director of Sure Insurance said we understand body corporates and lot owners have struggled with extremely high residential strata insurance premiums for many years and the limited number of available strata insurance providers resulted in an affordability crisis.
“Sure Insurance is aware this affordability crisis presented many unprecedented challenges to body corporates and lot owners across regional areas of the State – especially those in North and Far North Queensland,” said Mr Heath.
“Affordability was exacerbated by some insurance providers exiting the residential strata market that effectively reduced competition and placed enormous upward pressure on premium prices.”
“Many Northern Queensland body corporates were faced with the prospect of not being able to adequately insure their complexes or were forced to source residential strata insurance cover from off-shore providers.”
“Through this significant Residential Strata Insurance sum insured increase to $20 million, many more body corporates and lot owners across Northern and Regional Queensland will be able to access alternative competitive strata premium offerings,” said Mr Heath.
“Sure Insurance will recognise and reward well-managed body corporates who have enhanced the resilience of their complexes with reduced strata premiums,” said Mr Heath.
The Residential Strata Insurance will be available to purchase through the established network of Sure Insurance Authorised Brokers across Regional Queensland.
For further information contact Mike Sopinski, Sure Insurance Communications & Engagement Lead on 0421 052 598.
*Sure Insurance Residential Strata Insurance policies with an effective date from 1/4/24 underwritten by XL Insurance
Company SE, Australia Branch (ABN 36 083 570 441), Level 28, 123 Pitt Street Sydney NSW 2000, Australia. XL Insurance
Company SE, Australia Branch, is part of AXA XL, a division of AXA.