Queensland-focused insurer Sure Insurance says new policyholder data has shown that many regional Queensland first home buyers have not considered the cost of insurance cover when purchasing residential real estate.

The data from the Brisbane-based firm revealed that only 38.8% of first home buyers from regional, North or Far North Queensland who were home insurance policyholders with Sure had factored in the cost of premiums before purchasing their homes.

Sure MD Bradley Heath says it is “alarming” that buyers are “failing to completely understand the cost of insurance in advance of acquiring a home,” given present issues of premium affordability, cost of living pressures, and the threats from another La Nina season.

“We recommend homebuyers and especially first home buyers on tight budgets seek a quote on the cost of household insurance cover before moving forward with a property purchase,” said Mr Heath.

Mr Heath also reminded prospective property owners to check insurance requirements for sales and home loan contracts before making their purchase.

“Being fully aware of the cost of household insurance not only equips prospective buyers with critical information on the property to potentially enable more effective negotiation on price but, also exactly what the cost will be to fully protect the home with adequate insurance cover,” Mr Heath said.