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Topic
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Hi All
We are in NSW, apartment block of 36 units and like some of our apartment neighbours have water ingress issues.We have indentified the issues, have raised extra levies [$3m] and have tenders issue to start some of the repairs as unable to fix everything all at the same time [due to design solution process, building access, council permits, have to fix A before we can fix B etc., ]. We have plans in place to do all the repairs over 1 to 2 year, as fast as we can.
We recently had our strata insurance renewed, our broker could only get 1 insurance company to quote [from the existing insurer] and the insurance company would only provide a 6 month policy instead of the usual 12 month policy at almost the same premium as the prior full year. We have had no recent claims [ie not in the last 4 years]
We queired our broker on the change policy length, the insurer wants the works completed which will not happen in the next 6 months and progress reports about 2 months before the next renewal, so doesn’t sound that promising
Is this normal for insurers to reduce coverage ?
Should we speak to/communicate directly with the insurer rather than go via our broker to resolve and get direct feedback & information requests.
Many unit complexes in the area are having remedial works, so I am assuming many also have similar insurance issues ?
We are considering changing our insurance broker as our strata manager parent company is a co owner of the broker. They also charge 20% commission which seems a bit high when the premium is around $40k, there is only 1 quote received and not recommending how to get a better offer / policy until pushed by the Strata committee.
Does anyone have recommendations for insurance brokers ?
Can insurance commisssons be negiotated ?
Do have to use a broker to get insurance ? Can we go direct to the insurer ?
Any recommendations for insurance companies ? has anyone used “Strata Community Insurance” – an advertiser on Flat Chat ?
thanks in advance, I realise there are quite a few questions here..
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Replies
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How old is your building? Sounds like a building defect.
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I think changing your insurance broker would be step one in this shemozzle. The potential conflict of interest is glaring. SCI is pausing their sponsorship of Flat Chat but I would still recommend talking to them. And yes, you can do so directly if brokers aren’t giving you what you need. SCI set out to service small strata schemes and yours may fit their bill.
One other thing, you have now sent three variations on the same post. Please stop. We get the message.
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We engaged Strata Advise as our broker and they did a great job
Hmmm. Maybe we should ask them if they want to sponsor us.
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