- This topic has 2 replies, 3 voices, and was last updated 14 years, 6 months ago by .
-
Topic
-
I own a two bed unit in Townsville. Recently the body corp fees have risen from $600 per quarter to $2200 p/q!!!! The insurance has gone up by 800%!!! We are told there are only two insurers in the area and they have the monopoly so can charge what they like! Some owners have had to sell for less than they paid 4 years ago. I am close to having to sell too. The government will not listen. I’m not sure whether the monopolies commission or the insurance ombudsman could help either. At the moment we have negative capital growth and the strata fees etc are costing us more than the loan repayments!!! If a unit is put on the market it will not sell unless it is $20k less than the price paid. We are told this is happening QLD wide. How can insurance companies hike up premiums by 800% if we are not in a flood area?? Help!!!
-
Replies
-
Have you checked your Owners Corp AGM or special meeting Minutes to see why everything has increased in cost?
If it is a new unit, the developer may have set unreasonable levies to get people to purchase, or unreasonable insurance deals to mates.
Check with the Strata Manager or ask the Secretary of your Owners Corporation.
Insurances are going though the roof in Queensland due to massive pay-outs following various natural disasters. However, there is a suspicion that some insurers or agents may be taking advantage of this. Have a look HERE … and HERE and HERE.
If you want to be alerted when anyone replies to your posts or responds to this topic, please register and login, then you will be able to subscribe to the topic. The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers. NB: Longer threads may spill over to additional pages - look for the numbers on the bottom right, under the last post.