Consolidated Insurance Brokers specialise in getting you 5 Residential Strata Insurance Quotes!
At CIB, we have strata insurance brokers who specialise in helping Body Corporate Committees and Owners Corporations to insure residential strata buildings.
From duplexes up to large skyscrapers, with one easy phone call or email, we can organise and get you up to 5 Strata Insurance Quotes.
We as your insurance broker work for you, not the insurers.
Strata Insurance (also known as body corporate insurance) can cover the building for insurance events such as:
- fire, storm, malicious damage and leaking pipes; and
- legal liability, embezzlement of body corporate funds and government audit costs
Having trustworthy, insurance brokers who specialise in this area will ensure that your most probable risks are fully covered and at the best possible price for your needs.
When evaluating strata or body corporate insurance, you should always check the fine print or get some assistance in understanding your policy options. Often policies include different coverage, which may or may not include things like:
- Common areas
- Garden equipment
- Ducted climate control
- Swimming pools
- Ceilings, floors
- Car parks
Who Needs Strata Insurance?
In Queensland, Victoria and New South Wales every Body Corporate or Owners Corporation is legally required to have Strata Insurance. The Building, common property, common contents including legal liability must be insured.
In most states and territories it is a legal requirement to have full cover for the replacement value of the building.
Replacement Value refers to the actual cost of rebuilding an asset to the same condition it was in before a loss or damage. When an asset is not insured for that value, it’s referred to as underinsurance.
If a total loss occurs and the building is underinsured, all lot owners would be out-of-pocket.
In this event, it’s likely the insurance provider would pay out the sum insured to the Owners Corporation or Strata Manager. They would then allocate the settlement to each owner based on their lot entitlements.
It would then be up to the owners to decide how to proceed, and if they can even afford to restore the property.
In this case, it’s probable the owners may seek legal action to recoup their financial losses, alleging a breach of duty by the OC, Committee Members or Strata Manager.
How can CIB help?
Our specialist residential strata insurance team at CIB is able to market your account to 5 insurers who will compete against one another until we’ve secured the best deal.
We only use reputable Australian Insurers so you can trust our recommendations. We also disclose the commission on each of your options, so you can see that our recommendations are based on your situation, not our own interests.
We can help you get the right cover with several insurers who deal exclusively through insurance brokers, giving you access to additional options.
Every year we will get an insurance quote from each of our 5 reputable Australian insurers and present these to you. It is our job to work with the insurer during the claim process to get claims paid fast.
Furthermore, We help you understand how your policy works so you get the most out of it.