Local News

Floods set to trigger a wave of underinsurance for property owners (MCG QS)

Marty Sadlier, director at MCG Quantity Surveyors, said recent floods and storms in Queensland and NSW would likely trigger a wave of underinsurance that could end up costing individual property owners hundreds of thousands of dollars. 

“Recent weather has wreaked havoc on a huge number of property owners, but things could get even worse as many come to realise how woefully underinsured they are. 

“The tragedy is that we predicted this very thing months ago – and it was entirely preventable.” 

Mr Sadlier highlighted this looming crisis back in June 2021 as a confluence of factors saw building costs skyrocket in the wake of the pandemic. 

Mr Sadlier said since that time, the situation had only worsened. 

“Prior to the pandemic, insurance council numbers suggested 83 per cent of owners were already underinsured. We now believe the percentage is far high – in fact, I’d be surprised if it wasn’t closer to 100 per cent of owners at risk right now.” 

Mr Sadlier said there had been a “triple whammy” of causes for underinsurance in 2022, and he’s revealed top tips for others looking to avoid underinsurance in the future.

Please see the attached media release for more information.

Marty Sadlier is available for comment.