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.


Stay Connected

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

Serving up a tasty fundraiser

YARNS APLENTY: Bush poet Murray Hartin will entertain diners at the Springsure State School's Paddock to Plate 2017 dinner.

Springsure State School is serving up a yummy fundraiser.

Let's seal our future prosperity

KNEE DEEP: Matthew and Bernadette Paine's daughter Grace demonstrates how the heavy traffic load causes incredible wear and tear on Springsure-Tambo Rd.

Region outgrows dirt road

Emerald runners compete in ultra 100km in NSW

The group, which trained together in the lead-up to the race, faced unpredictable conditions on race day.

Six Emerald runners competed in the Ultra Trail Australia 100km race

Local Partners

Solar farm influx

The CHRC has received an influx of solar farm applications recently, highlighting the region's readiness for investment and innovation.

What to expect at Birds of Tokyo's Ipswich gig

The band will perform at the Racehorse Hotel on Friday.

BAND member Glen Sarangapany talks music, pub grub and doing shoeys

What public holidays are left in 2017

Ipswich residents will get the day off tomorrow for the show.

IPSWICH residents will get tomorrow off for the show

Caitlyn comes home to launch debut album

Gympie's Caitlyn Shadbolt will launch here debut album Songs On My Sleeve at an exclusive all-ages concert in Gympie on Friday, May 26.

Win tickets to Caitlyn's album launch

Dreamworld may supersize with 'Disneyland expansion'

OWNERS of icon Gold Coast theme park Dreamworld want to super-size the site with accommodation and entertainment to turn it into Australia’s Disneyland.

World’s strongest man reveals incredible 12,000 calorie diet

Brian Shaw won his 4th World's Strongest Man title. Source: Twitter

World’s strongest man reveals incredible 12,000-calorie diet

ABC2 slammed over football exhibition match coverage

Fans weren't too happy with ABC2's coverage of Wednesday night's game.

ABC2 slammed for coverage of soccer exhibition match

'Bulls--t!' Lisa Wilkinson grilled over Karl's pay packet

Join us for a Great Night as we Proudly present Lisa Wilkinson

“And you believe everything you read?”

Rebel Wilson trial: The secret we never could have known

Rebel Wilson outside court

“Most people wouldn’t know it exists,” she said.

Janet’s back in the ring

Marta Dusseldorp returns in season three of the TV series Janet King.

Season three of ABC's legal drama delves deeper than ever before.

Game of Thrones drops new trailer for season 7

Game of Thrones fans have been given a new trailer for season 7.

Fans are finally getting a full-throttled peak at season seven.

Open for inspection homes May 25-31

Check out this weekend's homes open for inspection

How Toowoomba house prices compare in Australia

For sale sign in front of home.

Here's what $700,000 will buy you in Toowoomba, Brisbane and Sydney

One of Maryborough's most historic homes is still for sale

FULL OF HISTORY: Trisha Moulds is owner of the historic Tinana state known as Rosehill. The beautiful home is currently for sale.

It has been the scene of both joy and tragedies over the years.

The face of the Sunshine Coast's overpriced rental crisis

Alyx Wilson had to rent a $385 unit in Currimundi because the market was too competitive for cheaper rental housing. She is now renting a room from friends who own a house in Currimundi, and says its much more affordable.

Young people feel the strain in competitive, expensive rental market

Ready to SELL your property?

Post Your Ad Here!