20 June, 2021
New player to slash NQ home insurance
NORTH Queensland home-owners will eliminate most of their house insurance costs by changing to a new Queensland insurance company, Sure.
The General Manager of Steel Pacific insurance brokers, Glenn Sales said Sure has only moved into the North Queensland home insurance, as it saw an opportunity after watching Australian insurance companies increase costs by more than 300 percent.
“Sure is underwritten by the large Massachusetts based Liberty Specialty Market and it’s home insurance covers our normal catastrophes of floods, fire and cyclones, Mr Sales explained.
“Sure has the capacity to cover a significantly larger portion of the North Queensland home insurance market because they are backed by a major US insurance underwriter.
“This means that their new home and apartment insurance policies will suit 70 percent of North Queenslanders and importantly, they are not cut-price or bottom-end insurance policies.
“For example, Mackay business couple, Kristy and Glen Peace have just saved almost $4,000 a year, or three quarters of past annual insurance costs on their $478,000 home by changing to Sure Insurance, which also includes $31,500 contents insurance.
“Kristy and Glen Peace own the carpet business, Focus On Flooring Extra, in both Mackay and Proserpine only paid $1,771 after rejecting quotes from QBE for $5,735, IAL for $5,733, CGU for $5,019 and Holland for $4,004.”
Mr Sales said that these insurance quotations are a constant pattern and not just a one-off.
“Sure has really aggressive pricing and interestingly, they are only targeting the North Queensland’s home insurance market where insurance costs have really skyrocketed.
“Sure has only been in the North Queensland market for 18-months and it is buying market share to spread the risk with a wider insurance base.
“It also raises the question, if a US backed Queensland insurance company can do it, then why can’t Australian companies also cut their charges.
“Interestingly, Sure does not require a $10 billion federal Government insurance underwriting pool to cut its prices and clearly, there is a need for government regulation of home insurance costs, just like health insurance.”
The Mackay Local News has already reported that the federal government will negotiate cuts to North Queensland home, apartment and unit insurance costs, after agreeing to provide a $10 billion insurance underwriting pool, to cover or protect Australian insurance companies from paying out on floods, fire and cyclones.
“Sure is also capturing North Queensland’s unit and apartment insurance market, where costs have exploded from $10,000 to $100,000 per one million in valuation.”
“Australia’s insurance companies who discount home insurance rates in southern Australian cities will claim that Sure has not yet had to payout on a catastrophe like cyclone damage yet.
“However in future, the federal Government will cover or underwrite insurance Australian insurance companies in North Queensland home insurance for floods, fire and cyclones.”