Committees who manage a commercial building on behalf of owners need appropriate commercial strata insurance coverage in Sydney. An appropriate insurance policy should adequately protect your building, factoring in considerations that may apply under commercial strata legislation. Our service can protect you against many common mistakes related taking out this mandatory insurance product.
Common Mistakes People Make about Strata Building Insurance in Sydney
Even the most experienced committee members are not exempt from common mistakes you can make in taking out strata insurance coverage, including:
- Going with the first quote received. Each insurance provider uses different methods to arrive at a custom quote for your commercial strata property. You should always seek a few more quotes for comparison. It is sometimes worth spending additional time seeking more quotes before committing to a provider.
- If you’re shopping for a new provider and it’s been several years since you’ve last had the building sum insured assessed, you are likely due for a fresh perspective. Strata Insurance Solutions recommends placing consideration into an insurance rebuild valuation at least every three to five years, which ensures you are not over or under insured.
- While our team is always ready to assist you with creating a custom quote for your needs, it’s easy for building owners to overlook the availability of our online quoting form. This service is an excellent way to get quotes and completing our online form can take as little as ten to fifteen minutes.
Tips Regarding Commercial Strata Insurance
While strata insurance is mandatory for buildings under a strata title, there are several ways that you can get more value from this coverage and reduce your costs:
- If your sum insured is excessive, you risk paying too much for your premiums. Conversely, if your sum insured is insufficient, you risk receiving fines and penalties and in a worst case scenario not having enough cover to reinstate your building to the same state it was prior to a major claim. Ideally, your sum insured should accurately reflect what it costs rebuild in the event of a total loss following damage to your building. The best person to provide advice in this regard is a quantity surveyor.
- Strata Insurance Solutions works on the basis of fee for service and do not include commission into our premium. This is particularly useful for strata insurance in Sydney and greater New South Wales because insurance products with commissions embedded into them pay higher government levies and stamp duty charges. Our fee for service model also provides greater transparency on how we are remunerated for arranging your insurance policy.
- To get a quote, fill out our online quote form or alternatively send us your policy schedule and if available, a claims history. Once you have provided this, we will review the information provided and contact you if any further information is needed to assist in providing the best possible quotes. By providing us with as much information about your building and its occupants, we can provide a more comprehensive review of available insurers and advise on the appropriate coverage for your needs.
Why Trust Strata Insurance Solutions for Strata Property Insurance
From our years of experience in the insurance industry, we’ve learned the “tricks of the trade” to benefit our clients. Our team works directly with our clients and strata committees to customise coverage suitable for the needs of each building and find cost savings without compromising on cover. Contact us to secure a quote today and get the coverage you need.
This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Shandit Pty Ltd T/as Strata Insurance Solutions strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances. Shandit Pty Ltd T/As Strata Insurance Solutions is a Corporate Authorised Representative (No. 404246) of Insurance Advisernet Australia AFSL No 240549, ABN 15 003 886 687.