The National Insurance Brokers Association (NIBA) has welcomed the Queensland Government’s renewal of its regional Household Resilience Program as part of its Unite and Recover for Queensland Jobs stimulus package.
Premer Annastacia Palaszczuk said the highly successful program was being renewed after the programs proven results to support local jobs and save on household insurance premiums.
“I can confirm we are extending this program with another $11.25 million, and I welcome the Federal Government’s commitment to provide $10 million of funding.”
First introduced in 2018, the Household Resilience Program has strengthened almost 1750 homes between Bundaberg and Cape York against cyclone damage, while reducing home building insurance premiums by an average of $310.
With the additional $21.25 million of funding announced, the program will continue to assist those who’s homes were built prior to 1984. The majority of the upgrades have been conducted by local tradespeople providing a significant boost to the local economy.
NIBA CEO Dallas Booth said, “NIBA has long campaigned for increased public and private disaster mitigation works, most recently in our submission to the Royal Commission on National Natural Disaster Arrangements. Northern Queensland has some of the highest insurance premiums in Australia, with homeowners paying significantly more to insure their properties against risk.”
This is mostly due to the high frequency and severity of cyclones, floods and other natural disasters that makes the market difficult for insurers. NIBA believes that mitigation programs such as these, are one of the most sustainable way to reduce premiums.
“We encourage our member brokers to speak with your clients about their eligibility under the program and develop a sustainable, long-term risk mitigation strategy,” Booth concluded.