Sure Insurance has increased its residential strata insurance cover and is now providing up to $20 million in replacement value for apartment complexes.
In a news release, the Northern and Regional Queensland insurance specialist said the adjustment was done to include higher valued apartment complexes.
It also sought to boost competition and improve access to affordable insurance options, according to the release.
Bradley Heath, managing director of Sure Insurance, offered further insight on the change by highlighting the affordability crisis facing body corporates and lot owners across regional areas of the state.
“Affordability was exacerbated by some insurance providers exiting the residential strata market that effectively reduced competition and placed enormous upward pressure on premium prices,” he said.
“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 offshore providers.”
By increasing cover from $5 million to $20 million, Sure Insurance aims to offer more competitive premium options, according to Heath.
“Many more body corporates and lot owners across Northern and Regional Queensland will be able to access alternative competitive strata premium offerings,” he said.
Heath also mentioned that Sure Insurance plans to reward well-managed body corporates that have taken steps to enhance the resilience of their complexes with reduced premiums.
The residential strata insurance from Sure Insurance will be available through its network of authorised brokers throughout Regional Queensland, the company said in its release.
Sure Insurance was acquired by Steadfast Group in November 2023, when the insurance broking network purchased a 70% stake in the firm for $148.8 million.
“It’s got a value proposition that’s not just unique to North Queensland and we’re excited about how we can take that more Australia-wide over time,” said Steadfast CEO Robert Kelly in a previous interview with Insurance Business. “Sure represents a real opportunity for us in terms of it being what I would call an ‘insurance company light’.”
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