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North Queensland Insurance Costs

North Queensland markets are rising but investors should know about the high cost of insurance, if they can get cover. Following cyclone and floods in recent years, many North Qld areas are seen as “disaster zones” by insurers. Premiums have reportedly risen 110% in five years. There are claims some insurers are deliberately gouging Far North customers. One analyst calls it “the next big affordability crisis”. Some insurers will reduce premiums if you lift the excess from $1000 to $5000. Meanwhile, the Federal Govt says it’s investigating and will name and shame insurers who are gouging.
From hotspotting.com.au

 

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