- This topic has 1 reply, 2 voices, and was last updated 9 months, 2 weeks ago by .
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Topic
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We have been asked to vote which insurance cover we want to choose from. We are a 21 lot strata and building is from 1960s,
We have made 1 claim for a tiny wall someone drove into and drove off and left (I think maybe $500) and someone’s stove which apparently falls under fixtures and fitting *would have thought landlords insurance covered that considering it was rented.
I digress.. we are in a fairly well maintained block with a bit of work to do. A roofing project in next couple of years.
The quotes vary from $21k to $40 or $37k. The 40 and 37k are from the same insurer just different packages. No information has been supplied to us about what the insurance covers just pick one. I know the insurer is bearing risk and it is significant but does 21k seem reasonable?
- This topic was modified 9 months, 3 weeks ago by .
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From memory, damage to stove could be covered by landlord insurance but not maintenance or replacement due to old age. The original stove may have been OC responsibility, but not any subsequent stove.
When looking at strata insurance you need to get the PDS (Product Disclosure Statement ie policy papers) which often come with a summary of what is covered (eg building, catastrophe cover etc) and to what degree.
Decide what you want covered (some items are optional) and to what degree (i.e. how many $ of cover).
Then compare the above items across several insurers. I say “several” because there are many different insurance companies, but ultimately only a small number (3?) of giant organisations run the insurance market in Oz. The high price of insurance is very much a function of the absence of competition.
- This reply was modified 9 months, 2 weeks ago by .
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