With extreme weather becoming far more prevalent, retirement villages in Far North Queensland have been included in the Federal Government’s $10 billion Cyclone and Flood Damage Reinsurance Pool) Act 2022 for the first time.
“Working hand in hand with the Association of Residents of Queensland Retirement Villages (ARQRV), the Retirement Living Council have secured an important advocacy win for residents in Queensland’s far north,” said Retirement Living Council Executive Director Ben Myers.
“Insurance premiums have had a dramatic impact on retirement village budgets, directly impacting residents and their cost of living. A number of retirement village operators have reported insurance premium increases of up to 100% over the past three financial years.
“We have successfully pushed for the scope of coverage be extended to retirement villages, preventing these Australians from being unintentionally excluded from an otherwise fantastic initiative.”
The Reinsurance Pool is expected to reduce residential insurance premiums by 46% in a region that is particularly prone to extreme weather events.
“These are Australians that have moved to their forever homes in Australia’s far north, and I am pleased that they can live there with a guarantee they will always have their home there,” said Judy Mayfield, President of the ARQRV.