QLD insurance increases

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  • 15/03/2012 at 11:46 am #7988 Reply | Quote
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    Flatchatter

      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!!!

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    Reply To: Reply #14981 in QLD insurance increases
    PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.

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