Get your quote here and now. Whether you are protecting your Brisbane home, managing a Queensland investment property or running a business vehicle, now is a good time to review your cover. Use the quote option that applies to you:
Insurance news can feel distant from everyday life.
But the latest developments affect real decisions for Brisbane homeowners, Queensland landlords, builders, trades businesses and other small-to-medium businesses.
Here are three important issues reported on 31 August 2026, along with practical steps you can take now.
1. Cash settlements may leave homeowners short of the real repair cost
A recent watchdog review found that at least 63% of final home insurance claims were settled by cash payment rather than by the insurer arranging repairs.
Cash settlements can be useful in some situations. They may give a homeowner more control over the repair process.
The concern is how the payment is calculated.
In many cases, the cash amount may be based on one quote from a preferred supplier. That quote may not reflect the full cost of engaging a reputable builder in the current Queensland market.
One Far North Queensland homeowner received $245,800. A reputable builder later quoted more than $300,000 to complete the work properly.
That is a potential shortfall of more than $54,000.
What this means for Brisbane homeowners
A cash settlement is not automatically the best outcome.
You may need to:
- Find and assess your own tradespeople.
- Obtain several detailed repair quotes.
- Coordinate building, electrical and plumbing work.
- Manage delays and variations.
- Pay costs that exceed the settlement.
- Accept that a lifetime repair guarantee may not apply.
Repair costs in Brisbane and South East Queensland can change quickly. Labour shortages, material prices, access problems and storm demand can all affect the final bill.
A settlement that appears reasonable on paper may not be enough once the work begins.
What to check before accepting a cash offer
Ask for the full scope of works used to calculate the settlement.
Check whether the estimate includes:
- Demolition and removal of damaged materials.
- Engineering or certification costs.
- Council or approval requirements.
- Temporary protection of the property.
- Electrical, plumbing and waterproofing work.
- Matching undamaged areas.
- Site access and waste removal.
- Current labour and material prices.
- Additional accommodation or loss of rent.
Also check your policy wording.
Look for details about cash settlements, repair guarantees, reinstatement, excesses, sub-limits and how disputes are reviewed.
Business Insurance Consulting can review a proposed cash settlement and compare it with fresh repair evidence from suitably qualified tradespeople. Business Insurance Consulting can also help identify gaps between the policy wording, the repair scope and the amount offered.
For homeowners, the right starting point is a clear home and personal insurance review.
2. The General Insurance Code delay creates more uncertainty for small businesses
The redrafted General Insurance Code of Practice is now expected to be lodged in late October 2026.
This is the second delay.
The delay follows consultation submissions that exposed a divide over whether the redraft strengthens or weakens protections for small businesses.
A major issue is which commercial insurance covers would continue to receive Code protections.
The debate includes:
- Business interruption insurance.
- Public and product liability insurance.
- Professional indemnity insurance.
- Cyber insurance.
- Other commercial property and specialist covers.
The redraft is also expected to change how retail and wholesale insurance is defined. Some small-business covers may fall outside the Code if the current draft wording remains unchanged.
Contractual enforceability is unlikely to begin until the 2027–2028 window.
What this means for Queensland business owners
The delay does not remove the need to understand your policy today.
A Code of Practice is not a substitute for clear policy terms. Your rights and obligations depend heavily on the Product Disclosure Statement, endorsements, schedules, limits and exclusions that apply to your cover.
This is particularly important if your business:
- Relies on business interruption cover to keep paying expenses.
- Provides advice or professional services.
- Works on construction or maintenance sites.
- Handles customer information.
- Has contractual insurance requirements.
- Depends on public or product liability protection.
A small business may have several policies that appear straightforward but contain different claim procedures and limits.
Business Insurance Consulting can review the wording across your insurance program and explain what each policy is designed to do. This includes checking whether your turnover, activities, locations, contracts and declared risks remain accurate.
Keep your own evidence and records
Do not rely only on general promises about claims handling.
Keep copies of:
- Your policy schedule.
- Product Disclosure Statements.
- Renewal correspondence.
- Claim notifications.
- Quotes and expert reports.
- Photos and videos of damage.
- Emails and call records.
- Documents showing financial loss.
Good records make it easier to understand what happened and support your position if a claim becomes delayed or disputed.
Business Insurance Consulting can help with claims preparation and communication. That support can be especially valuable when a claim involves several policies or complex business interruption calculations.
Midpoint check: If your Brisbane business has not had a proper policy review in the last 12 months, contact Business Insurance Consulting before renewal. A review can identify missing cover, outdated sums insured and exclusions that may affect a claim.
3. Risk improvements are not always producing lower premiums
A federal inquiry into small-business insurance has heard concerns that business owners are receiving little or no premium relief after investing in risk mitigation.
Examples include:
- Fire hose reels.
- Flood barriers.
- Improved drainage.
- Elevated storage.
- Electrical upgrades.
- Security systems.
- Safer work procedures.
- Cybersecurity improvements.
These measures can reduce the chance or severity of a loss. But businesses are not always seeing a clear reduction in premiums.
Committee members have described the market as failing on affordability and access. The pressure appears especially strong in construction and other industries with high property, liability and workplace exposures.
What this means for Brisbane and Queensland businesses
Installing a fire hose reel or flood barrier is still worthwhile.
However, mitigation does not guarantee a lower premium.
Underwriters may also consider:
- The location of the premises.
- Flood, storm and cyclone exposure.
- Claims history.
- Construction materials.
- The nature of the work.
- Contractual liability.
- Subcontractor arrangements.
- Annual turnover and wages.
- Rebuilding costs.
- The availability of suitable capacity.
Risk improvements may help a business remain insurable or support better terms. But the benefit is more likely to be recognised when the improvement is clearly documented.
Build an evidence pack before renewal
Prepare a simple risk mitigation file containing:
- Photos of completed improvements.
- Installation certificates.
- Inspection and maintenance records.
- Fire equipment service records.
- Flood protection details.
- Electrical inspection reports.
- Workplace safety procedures.
- Staff training records.
- Business continuity plans.
- Cybersecurity controls.
- Recent claims information.
Explain what each improvement protects against.
For example, do not simply state that a flood barrier was installed. Record where it is installed, what area it protects, when it is deployed, who maintains it and how quickly it can be used.
Business Insurance Consulting can present this information clearly during the renewal process. The aim is to give underwriters a better understanding of your risk controls and compare available insurance options.
A practical 2026 insurance renewal checklist
Use this checklist for your next Brisbane or Queensland renewal.
For homeowners
- Review the building sum insured.
- Check whether the estimate reflects current rebuilding costs.
- Confirm flood and storm settings.
- Review temporary accommodation limits.
- Check valuable items and contents limits.
- Ask how cash settlements are calculated.
- Keep recent photos and receipts.
- Do not accept a settlement before checking the repair scope.
For investment property owners
- Confirm the property is correctly described as a rental.
- Review building and landlord contents cover.
- Check loss of rent limits and waiting periods.
- Review tenant-related exclusions.
- Confirm liability protection.
- Record recent repairs and maintenance.
- Check whether the property’s rent has changed.
- Read the claims and cash settlement provisions.
For more information, see this guide to landlord insurance.
For small businesses
- Confirm turnover, wages and business activities.
- Review property and equipment values.
- Check business interruption calculations.
- Review public and product liability limits.
- Consider professional indemnity or cyber exposures.
- Update vehicle and driver details.
- Check contract insurance requirements.
- Document risk improvements.
- Review exclusions and sub-limits.
- Keep claims evidence in one place.
Business Insurance Consulting can help review your wider insurance program, including business interruption insurance, public and product liability insurance, property cover and other specialist protection.
Take action before a claim or renewal
The three issues in today’s insurance news have a common theme.
Preparation matters.
Homeowners need to understand whether a cash settlement will cover the actual repair cost.
Small businesses need to monitor policy wording while the Code review continues.
Queensland businesses also need to document risk improvements if they want those measures properly considered during underwriting.
Business Insurance Consulting helps Brisbane and Queensland clients review cover, compare options, prepare evidence, assess cash settlement offers and receive support during claims.
Ready to review your cover? Contact Business Insurance Consulting today for practical advice about your home, investment property or business insurance.
What insurance issue would you like explained in the next daily news roundup: cash settlements, business interruption, liability cover or renewal costs?
Disclaimer: This info is general advice only and doesn't consider your personal goals or financial situation. Before making a decision, please read the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD). Give us a shout if you need specific advice!
#InsuranceNews #HomeInsurance #BusinessInsurance #QueenslandBusiness #BrisbaneBusiness #LandlordInsurance #RiskManagement #InsuranceClaims
Follow Business Insurance Consulting for more tips on protecting your Brisbane business.
Facebook → https://www.facebook.com/busincoCraig
LinkedIn → https://au.linkedin.com/company/business-insurance-consulting
Phone: 0412 212 099 | Email: craig@businco.com.au | Website: businessinsuranceconsulting.com.au
