Having the right Strata Insurance policy is often required by relevant State or Territory legislation and especially in the event of a claim.
There are many benefits with taking out a Residential Strata policy with Austbrokers Comsure, including expertise, advice, risk management, claims service and the range of policies we have access to. When you have a claim, you want to make sure you are covered correctly, and you want the process to be seamless.
Austbrokers Comsure are experts in Residential Strata Insurance and we urge Strata unit owners and body corporate committees to consider the following points:
|Every strata building is different, and faces different risks which need to be taken into account when considering Residential Strata Insurance cover.|
|Residential Strata insurance policies vary, and care needs to be taken to ensure the insurance policy matches the needs of the property.|
|The amount of cover (the sum insured) needs to be adequate and appropriate for the building and its risks, or strata owners could be significantly out of pocket if a major loss occurs. In order to determine the correct amount of cover, the body corporate committee must obtain a full building valuation at least every 5 years (or as often as may be required by local legislation). The limit of cover should also be reviewed each year (in between valuations) to take account of inflation in the cost of building and repairs.|
|The high cost of strata insurance in North Queensland is driven by the risks faced in the region – insurers have paid out $1.40 in claims for every $1 received in premiums in North Queensland in recent years, according to a Government Actuary report in 2014.|
|Cheaper strata insurance cover bought directly could well be a false economy if it means you’re not properly covered in the event of a loss or claim.|
|Building / Common Contents|
|Personal Accident (Voluntary Workers)|
|Office Bearers Liability|
When you take out Residential Strata Insurance with Austbrokers Comsure, you will immediately have access to our expert claims team for personal service on claims, and our experienced Advisers for advice on Risk Management.
• Optional additional 15% Catastrophe cover
• Strata Manager Defence Costs
• Optional Flood Cover
• Storm Surge cover resultant from named cyclone
Insurance is like any other product, you pay for what you get. There are many different insurers offering policies in different shapes and forms.
Service is extremely important.
This is the difference between a claim being paid out over night and a claim being paid out painstakingly over a year. Cheap premiums are on offer because costs are being cut elsewhere.
Coverage is also extremely important.
This is the difference between your claim being paid out or not paid out at all. Quite often, this results in financial burden in the long run.
Any new fixtures installed by a Unit Owner or any upgrade made by a Unit Owner to an existing fixture, that results in its replacement value being more than its replacement value immediately prior to the improvement.
Being for the Unit Owner’s exclusive use, and permanently attached to/fixed to your Insured Property, therefore to become legally part of it.
Yes. All insurance offered by Austbrokers Comsure can be paid by the month through premium funders. If you chose to use the premium funder’s service, your monthly instalments will be tax deductible.
If you live in your property as the owner occupier, you should take out Contents Insurance.
If you are renting out your property, you should purchase Landlord Insurance.
Some common factors contributing to the premium include: