14 May, 2021
Every North Queenslander’s home insurance costs will drop by 30 percent when the federal government’s $10 billion insurance underwriting scheme starts next year.
This welcome prediction has been made by the General Manager of Steel Pacific Insurance Brokers, Glenn Sales, who said that from next year, compensation for damage to homes, apartments and small businesses from floods and cyclones will cost the federal government about $500 million a year.
“This federal government guarantee means that the cost of North Queenslanders’ home insurance premiums will no longer have to pay for this damage with unreasonable higher premiums which have risen by more than 300 percent.
“However the federal government scheme will not directly compensate each North Queenslander for flood and cyclone damage to their homes, apartments and small businesses.
“Instead, when insurance companies face damages claims of over $100 million, the federal government’s $10 billion insurance guarantee will reimburse insurance companies.
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