Strata Insurance Brokers

› Forums › The Professionals › Current Page

Create New Reply
  • Creator
    Topic
  • 29/03/2015 at 10:42 am #9971 Reply | Quote
    Austman
    Flatchatter

      Are there major advantages to using a Strata Insurance Broker?   It seems that our strata managers like us to use one, but need we do that?

      Our compulsory strata insurance premium costs around $10,000 / year.  I note that the broker’s fee is about 25% of that.  And I’ve checked some other OCs that use a broker they were charged about 25% as well.

      From what I can see, the broker supplies 3 or 4 quotes each year and we take the cheapest.  But it’s been the same insurance company selected (a major strata insurer) for the past 10 years.  If we had just renewed directly with that company it would have saved us quite a hefty sum.

      I suppose strata managers don’t see it as their duty to get 3 quotes each year.  But the committee could do that. 

      Is it that much work?  And do the broker’s do anything much more?  Do they, for example, help with claims?  Do they get discounted policies that aren’t available to directly purchase?

    • Creator
      Topic
    Reply To: Reply #23309 in Strata Insurance Brokers
    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.

    You can use BBCodes to format your content.
    Your account can't use all available BBCodes, they will be stripped before saving.

    Your information:




    › Forums › The Professionals › Current Page