Scrapping NSWs Emergency Services Levy could save strata buildings 18% on insurance

The NSW Government is abolishing the Emergency Services Levy on building insurance.

The Emergency Services Levy adds 18% to all home insurance premiums [including for #stratatitle buildings] and around 30 per cent to commercial premiums and fund emergency services.

The tax penalises those who pay insurance, has increased disproportionally due to extreme weather related insurance premium increases, and has put even more pressure on consumers during a cost-of-living crunch. 

In fact, NSW insurance customers pay around three times more than other Australian states.  Victorians pay less, Tasmania is abolishing its levy and they’ve been abolished everywhere else.

Instead, a NSW state-wide contribution would be introduced to fund emergency services, recognising that natural disasters affect everyone in NSW. 

It’s been welcomed by all strata stakeholders.

So, let’s see if strata building insurance premiums actually come down by 18%.

Read more about the announcement here and here …