This article is from the Australian Property Journal archive
THE Queensland government has entered a partnership with insurers Suncorp and RACQ to help flood-effected homeowners restore and return to their homes sooner.
The new agreement comes after more than 7,000 homes were damaged in the across South East Queensland last summer and will assist policy holders eligible for assistant under the Australian and Queensland governments’ $741 million Resilient Homes Fund.
“The flooding we saw last storm season was catastrophic, and its unprecedented nature required an extraordinary response from all levels of government,” said Murray Watt, federal minister for emergency management.
“This partnership will help streamline the process for homeowners, particularly those who are eligible for funding to raise or retrofit their homes.”
The fund will enable some homeowners to undertake resilience works in tandem with the repairs approved under their policies via their insurance builder.
“We’re continuing to build back better to ensure we are better prepared for the next flood,” said Steven Miles, deputy premier.
“Assistance through the Resilient Homes Fund is available to both insured and uninsured homeowners to ensure we help as many Queenslanders as possible.”
The state government has committed to ongoing work with both the insurance industry and the Insurance Council of Australia to make the funding process for impacted homeowners more efficient.
“The partnership will enable us to rapidly test and refine a process to ensure we can deliver quality outcomes and value for money before a broader rollout,” said Mick de Brenni, minister for public works.
De Brenni added that the government is also talking to other insurers who had already indicated interest in helping to deliver the program.
“Hopefully this program will become the benchmark and blueprint for delivery of assistance to all Australians impacted by natural disasters, especially given recent events in the southern states,” said Steve Johnston, group CEO at Suncorp.
Johnston noted the program highlighted the importance of collaboration between governments between governments at all levels, insurers, customers and communities to deliver better solutions to protect people, homes and communities.
“Building a resilient community is a shared responsibility and we commend the State Government’s proactive efforts in establishing the Resilient Homes Fund and securing joint federal funding,” added David Carter, CEO at RACQ.
“We know Queensland will continue to face more frequent and severe weather events, and the Resilient Homes Fund will act as a strong blueprint to make communities more resilient and reduce the physical, financial and emotional impacts of natural disasters.”
On top of providing financial assistance for the repair or raise of flood-affected homes, the Resilient Homes Fund is, in the most severe cases, purchasing properties so homeowners can resume their lives in areas less prone to flooding.
Earlier this month, Watt opened the door for discussions on buybacks of homes that are increasingly at risk of natural disasters and climate change impacts.
