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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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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.
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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