I went to the launch of the new insurance company SURE insurance this week, in Townsville, I was actually able to say a few words about the current situation.
I’ve read their product disclosure statement, researched Liberty (USA) and it all looks pretty good on the face of it, particularly for those who are without insurance at the moment. I'm not recommending the product but it's worth a look, as all new products are.
The CEO, Bradley Heath, is the ex CEO of RACQ and has spent 2-3 years setting up this project.
A few of the things he had to say were:
• Sure Insurance was born from the recognition home insurance premiums are at a crisis point in Regional Queensland – tell us about it!
• Operating from Bundaberg to Cape York and west ONLY – I like this
• A product designed for regional Queensland- not the whole country
• The team are either born and bred Queenslanders or live here with their families
• Partnered with global insurer, Liberty Mutual - licenced and regulated by APRA
• Pricing to avoid risk is common practice – tell us about it
• Their research shows savings to customers on average $1100 a year or 30 per cent on home insurance premiums – yes, he said that
• Automatic cover for flood, cyclone and storm surge
• They’ll make the effort to risk rate customers’ properties based upon their specific circumstances and that of their property – risk assessment and not assumption
• Discounts for: flood proof doors and windows as an example – lowers the flood portion of their premium by 10 per cent
• Their loss adjusting team knows Queensland - I think they said 50 years in the industry
• Queensland based call centres
• No additional cost for pay-by-the-month
He said: “In week one of business we’ve already had the pleasure of providing quotes that are well over $1000 per week less than competitors, and we look forward to being able to give North Queenslanders the fair go they deserve.”
Too good to be true or the start of something big? If you do get a quote I would be interested in the result. I can be contacted on whitsundayinsurance@gmail.com