Strata insurance through a broker is your safest bet

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July 30, 2015
Builders Warranty Premium Increase & New Application Forms
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If you are the owner of strata title residential apartments be very careful how you choose your building’s insurer.

Often the choice of insurer is left to a residential building’s strata manager to arrange. A process not without its risks as strata managers have limited insurance knowledge and by law are not authorised to provide insurance advice. They also receive commissions from insurers which may influence their choice of cover provider.

To protect the interests of owners, the wisest move would be to appoint a General Insurance Broker firm to look after the insurance interests of the property. A general insurance broker’s services include professional insurance advice as required but in addition, they have a full understanding of the ramifications of Policy Wordings and Sum Insured calculations, as well as access to a wider number of insurers, specialised risk management services and so on to enable the body corporate committee make informed decisions that ensure the successful running of the property enterprise.

With your peace of mind at stake, remember, an insurance broker acts on behalf of their client and not the insurer and can be relied on to provide professional, impartial advice.

More information about the risks and solutions to the often complex issue of strata insurance can be found here.

If you have any questions or concerns about your current strata insurance cover, please contact our office. Our specialist insurance brokers understand strata insurance and can offer professional, friendly advice.