Sure Insurance Expands Strata Coverage to $20 Million to Enhance Affordability in Northern Queensland

Bradley Heath, Managing Director of Sure Insurance, highlighted that the affordability crisis in the region has been exacerbated by the withdrawal of some insurance providers from the residential strata market. This reduction in competition has placed upward pressure on premium prices, making it challenging for many body corporates to secure adequate coverage.

By expanding the coverage limit, Sure Insurance seeks to fill this gap and offer more accessible insurance solutions to higher-valued apartment complexes. The company also plans to reward well-managed body corporates that have undertaken measures to enhance the resilience of their properties with reduced premiums, thereby incentivizing proactive risk management practices.

This development is particularly timely, as many strata properties in Northern Queensland have faced difficulties in obtaining affordable insurance coverage. The increased coverage limit is expected to alleviate some of these challenges and contribute to the overall stability of the strata insurance market in the region.

Property owners and strata managers in Northern and Regional Queensland are encouraged to explore the new offerings from Sure Insurance and assess how the enhanced coverage can meet their specific needs. Engaging with insurance brokers to understand the implications of this change and to secure the most suitable coverage is advisable.