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I am submitting this on behalf of a close relative who lives in QLD (Gold Coast) in a 2 lot Building Unit Plan.
The new insurance renewal has come in and there is now compulsory flood cover because of the area in which the relative lives (one of the islands). A lot of the insurers in QLD are now automatically including flood cover with no option to opt out. The building premium is now around $6,000 and the relative wants to pay and get the cover whereas the adjoining owner does not and has found an insurer in Victoria who will provide cover, but no flood cover, for around $1,600.
There appears to be a stalemate here as there are only two owners and they cannot agree and coverage has just run out. I understand that under the Building Units – Group Titles Act (S. 55) that the body corporate shall insure etc…but if there is no agreement and the policy is not renewed they are in breach of the act.
Any suggestions for resolution?
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