News

Residents priced out of town

Insurance representatives listen on at the Central Highlands flood mitigation presentation.
Insurance representatives listen on at the Central Highlands flood mitigation presentation.

INSURANCE premium increases could potentially drive families from Emerald, as residents struggle to make their payments.

Reports emerged this week of homeowners being slammed with up to 700% premium increases as speculation and uncertainty infiltrated the local property market.

In a bid to put an end to the potential loss of confidence in Emerald's property market, Central Highlands Mayor Peter Maguire hosted two insurance giants to assure them flood mitigation work was under way.

"We gave presentations about the studies that we have done, the way our land planning has changed here in Emerald, and our recommendations for mitigation," Cr Maguire said. "The insurance companies said that they want to see us act, and see some firm commitments to mitigation.

"We were trying to show them that actions are already happening, and a lot is dependent on funding from other sources, like the state and federal governments."

Despite the open invitation, only Suncorp and CGU insurance representatives flew to Emerald.

On a tour of the town, pivotal flood areas, such as the LN1 drain and the railway line crossing the Nogoa River at the Vince Lester Bridge, were explained to the corporate executives.

At the morning meeting beforehand, Taylor Byrne valuer Pat Lyons told those in the council chambers the speculation around insurance availability in Emerald had the potential to drive people away.

Mr Lyons said while the Emerald property market remained strong, housing sales were levelling out amid a fear insurance would not be available.

"The increase in insurance premiums will put further pressure on the cost of housing as owner-occupiers have to factor this increased cost into their budgets and landlords seek to recover the increased costs through tenants," Mr Lyons said.

"Agents are reporting that increased insurance premiums and the lack of availability of insurance for flooded properties has been affecting sales in the affected areas over recent weeks."

CD Adams principal Clinton Adams concurred and singled out Suncorp, which residents had long hailed as a comprehensive insurer.

"Over the past year-and-a-half Suncorp and other insurers have stood behind residents and said, 'we're here for you', and then they come out and say, 'well actually, we're not anymore'," Mr Adams said.

"Of course that's going to have an impact on confidence in the market."

See Friday's CQNews for more comprehensive insurance coverage, including those companies that will - and won't - offer flood coverage.


Join the Community.

Get your local news, your way.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

THE Central Queensland Dachshund group market afternoon

FUN AFTERNOON: THE Central Queensland Dachshund group is holding a fun afternoon at Centenary Park on Sunday.

THE Central Queensland Dachshund group fun afternoon is on tomorrow

Make most of May Day fun

FUN WEEKEND: May Day celebrations will run over Sunday and Monday.

Make most of May Day fun in Blackwater this long weekend

Black lung case awarded

APPROVED: Black lung victim Keith Stoddart and wife Danielle giving evidence at the Senate inquiry into the return of the disease in Queensland coal mines.

Black lung case has worker's compensation claim approved

Latest deals and offers

Doctor cuts teeth in CQ

WHEN his grandmother died after suffering a stroke, Mashfique Khan knew her death could have been prevented, had his family had access to adequate health care.

THE Central Queensland Dachshund group market afternoon

FUN AFTERNOON: THE Central Queensland Dachshund group is holding a fun afternoon at Centenary Park on Sunday.

THE Central Queensland Dachshund group fun afternoon is on tomorrow

Make most of May Day fun

FUN WEEKEND: May Day celebrations will run over Sunday and Monday.

Make most of May Day fun in Blackwater this long weekend

Black lung case awarded

APPROVED: Black lung victim Keith Stoddart and wife Danielle giving evidence at the Senate inquiry into the return of the disease in Queensland coal mines.

Black lung case has worker's compensation claim approved

Eagles start season strong

ON THE FRONT FOOT: Emerald Eagles' Steve Patterson about to strike the ball in the reserve grade match.

Eagles start CQ Premier League season strong

THE CFMEU May Day Rodeo promises edge of seat action

PLENTY OF ACTION: THE CFMEU May Day Rodeo is on tomorrow night starting from 5.30pm.

THE CFMEU May Day Rodeo is on tomorrow night.

RACQ releases SE Qld's worst choke points

Paul Turner, RACQ

Paul Turner from RACQ talks about our worst roads at peak time.

British family bashed in Thailand

Family beaten and kicked unconscious by gang in Thailand.

Family beaten and kicked unconscious by gang in Thailand.

Ben Hunt wary of Sharks Halfback

Ben Hunt of the Broncos looks to pass during the round 23 NRL match between the Brisbane Broncos and the St George Illawarra Dragons at Suncorp Stadium.

Ben Hunt talks about Cronulla's Chad Townsend.

Demand for acreage lots pushes up property prices

Property values in Cooroy have increased 25%

Property values jump in Cooroy and Peachester.

How a sacked real estate agent made $725k in four months

Agent is now under investigation by the industry watchdog

RBA warns of future apartment oversupply

Toowoomba: Crest Apartments and Burke & Wills, Ruthven Street ( view from Neil Street) Photo Bev Lacey / The Chronicle

RBA says oversupply of apartments poses risk to household finances