Queensland-focused underwriting agency Sure Insurance has this month started offering residential strata insurance, in addition to home insurance which has been available since it started business in the middle of last year.

The agency says the offering will fill the coverage vacuum created by the exit of insurers from the state’s disaster-prone northern region, where insurance affordability ranks as among the worst in the country.

“Sure Insurance equally understands this crisis has presented unprecedented challenges to body corporates and lot owners across the regions, especially those in north and far north Queensland,” MD Bradley Heath said.

“The move into residential strata insurance was a natural progression of our business strategy and ongoing commitment to providing premium relief in home and contents insurance and now residential strata insurance.

“We know insurers have continued to exit the strata market in the northern regions of Queensland, and Sure Insurance is now ready to step in and assist and support struggling body corporates and lot owners.”

The entry into strata will see Sure initially provide cover for buildings up to a maximum $5 million in replacement value, with a review to come in the future.

The product will be available through Sure-authorised brokers across regional Queensland.