There’s a new post in the forum this week that brings together some of the most common complaints in strata – insurance premiums, commissions and vertical integration.
Our Flatchatter’s building is all set to undertake scheduled repairs but their existing insurer is only offering six months cover until the repairs are completed. The law says the building must be insured.
Not only that, the premium they have quoted for six months is virtually the same as as they paid last time for a whole year. The insurance broker says they can only get one quote and had to be told to try to find another one.
Even so they are still going to charge 20 per cent commission for apparently doing little or nothing.
Oh, and to cap it all, it turns out that the broker’s parent company is the same as the strata manager’s.
Needless to say, our Flatchatter has a few curly questions. Can insurance commissions be negotiated? Do you have to use a broker to get insurance? Can you go direct to the insurers?
You can answer any or all of these questions HERE.
Forum updates
- The committee is refusing to follow instructions made at a general meeting. That’s HERE.
- Strata committee has been told not to fix a common problem on balconies because they are lot property. That’s HERE.
- Should the committee show owners a new strata manager contract before they are asked to approve it? That’s HERE.
- Should I pay for a common property fix then try to get the money back from the starta scheme? That’s HERE.
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Forum: One of the problems with strata insurance being compulsory is that brokers and their strata manager related companies can dictate the terms.
[See the full post at: Forum: Offered a half year insurance at same cost]
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› Forums › Current Page
› Forums › Current Page