Media release

Wednesday 7 December, 2011

Federal government announces inquiry into strata insurance

• Federal government inquiry to investigate high strata insurance costs
• Raine & Horne Port Douglas encourages all owner-occupiers and landlords to make submissions to the inquiry

The House of Representatives Standing Committee on Social Policy and Legal Affairs is set to consider issues in relation to the prohibitive costs of residential strata insurance, particularly in northern Australia.

Assistant Treasurer Bill Shorten said, “As I’ve looked more closely at insurance issues in Queensland, I’ve become aware the affordability of residential strata insurance has become an increasingly serious issue now that many people are renewing their strata title insurance policies.

“In particular I’ve been concerned about the news coming out of cities and towns like Cairns, Townsville, Port Douglas and others in the region, where anecdotal evidence suggests residential strata insurance is becoming an increasing issue.”

David Cotton, co-principal, Raine & Horne Port Douglas, said that a consequence of the prohibitive costs, many landlords and owners in northern Queensland were struggling to secure strata insurance for titled units, which was creating undue stress, particularly given the region’s recent history with floods and cyclones.

“The inquiry represents a great opportunity for this issue to be heard in Canberra and we urge all apartment, villa and townhouse owners and landlords to make a submission to ensure the politicians make the right decision.

“Port Douglas strata titled owners finally have the opportunity to be heard and to make a difference to the cost of insurance levied against their properties,” declared Mr Cotton.

For more information about the inquiry, the public hearings and/or for making a submission please visit www.aph.gov.au/strata or email to [email protected]

Raine & Horne is an iconic Australian property firm, with more than 360 offices worldwide. Also an established Superbrand along with Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Rural and Raine & Horne Financial.

-ENDS-

For further media information contact:

David Cotton, Co-Principal Raine & Horne Port Douglas on 07 4087 1800 / 0417 709 667

Kit Bashford, National Marketing & Communications Manager on 02 9258 5400