North Queensland Insurance update – Government funding

The Queensland Reconstruction Authority has set down guidelines on how the North Queensland National Disasters Mitigation Program will operate.

The program aims  to help reduce the cost of insurance premiums in high-risk, cyclone-prone areas.  Funding for upgrades, new buildings and infrastructure, which comply with resilient homes guidelines, will be eligible to apply for funding through 33 local governments from Bundaberg to the Lockhart River. The fund holds $10 million in available financial assistance with applicants capped at $2 million for one claim and co-contributions required for certain projects.

Applications are now open and expressions of interest should be submitted prior to 18 February 2022, with funding to be granted by 30 June 2022 to successful applicants.

Whilst this funding is aimed at increasing the resilience of north Queensland communities, through projects such as replacement of floodways and drainage management plans, the outcome sought is ensuring these communities have more chance of avoiding catastrophic damage arising from natural disasters.

For access to the publication on the North Queensland Natural Disasters Mitigation Program and information on how to apply, click here.

This article was contributed by Nicky Lonergan – Managing Director, Archers the Strata Professionals.