Property investors to be hit with even higher insurance premiums
The past two years have seen strata and landlord insurance costs soar way above inflation rates, and the next 12 months looks unlikely to deliver any respite from continued rapid price increases.
Strata insurance premiums are set to rise even further over the coming year following increases in the last financial year that tripled the inflation rate.
The 2021-22 financial year will go down as the ignition year for high inflationary costs in the insurance market, particularly so in the claims repair and supply chain space, according to a report released Tuesday (12 July) by Honan Insurance Group.
Premiums rose more than 15 per cent over t…