Topic: Are we paying too much for insurance?

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26/03/2014 at 6:04 pm #9428 Reply | Quote
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The following question is simple. Any thoughts?- JT

Why is strata insurance so expensive? For a block of two units on the NSWCentralCoast, building sum insured $952,000, legal liability sum insured $20mil, the total annual amount payable is $1,589.55.
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26/03/2014 at 10:29 pm #21281 Reply
kiwipaul
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Their are loads of online insurance quote sites for insuring property so just feed in the value of the house and location as though it is a freehold property and see what it comes back with. We pay $6,500 for a insured value of $5M.

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27/03/2014 at 11:09 am #21286 Reply
Whale
Flatchatter
Strata Insurance Policies, and particularly those arranged by Strata Manager / Commission Agents, seem to routinely include a whole lot of optional policies for risks that some Owners Corporations aren’t exposed to at all, or where on the basis of a risk assessment, exposure is minimal.

HERE is an example.

Owners Corporations really need to undertake that risk assessment and then shop-around before considering that AGM Item about routinely renewing their mandatory Strata Insurance Policy.

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Reply To: Are we paying too much for insurance?

PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.