Queensland earthquakes prompt strata property warning
A body corporate company has said property owners in the Sunshine Coast region should urgently check their insurance coverage following yesterday’s two earthquakes off the Queensland coast.
There’s concern that hundreds of buildings may not possess adequate insurance cover to deal with earthquake damage.
There have been two separate instances of magnitude 5 Earthquakes in the South East Queensland region since February – including the latest this week — and there are very real fears that thousands of Queenslanders may have been left with huge damage bills if yesterday’s events took a turn for the worse.
Ace Body Corporate Management says that bodies corporate on the Sunshine Coast must be very alert and proactive in the wake of these latest earthquakes.
“We urge all bodies corporate throughout the state to make the first move on this issue, and immediately review the insurance cover of their managed properties,” Ace Body Corporate Management, Queensland State Manager Georgia Cook said today.
“Thankfully, the couple of earthquakes that hit near Fraser Island didn’t cause any major damage, but it’s not hard to imagine what could’ve happened.”
Ms Cook says that body corporate managers must understand the sheer scale on which damage can befall strata properties; and make the necessary adjustments to existing cover.
“Damage to strata properties often translates to millions, with 20, 30, and even in excess of 100 property owners affected at once; so it’s important bodies corporate comprehend the severity of this “what if” situation.”
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