If you are on the committee of a residential building under a strata title, then you need strata title insurance in Sydney to ensure you remain in compliance. Aside from the many good reasons to purchase this kind of insurance, which we’ll address below, the government mandates that you purchase residential strata title insurance in Sydney. Strata Insurance Solutions simplifies this process and helps investors make informed, economical decisions regarding their property insurance.
Common Mistakes People Make Regarding Strata Title Insurance
Despite how important it is to get strata title insurance, there are many mistakes that people make when securing a new policy:
- Committees often neglect to get a quantity surveyor to assess your building’s insurance rebuild value. Ideally, you should get enough coverage for a full rebuild, and using old or inaccurate information can leave you either coming up short in the event of a crisis or overpaying for coverage well beyond what you need.
- Many buildings engage strata title insurance through their strata managers who receive generous commissions for very little work. Both practices result in added expenses and can impact the style of service you receive. Strata Insurance Solutions eliminates unnecessary cost by negotiating directly with strata insurance committees.
- Due to the differences between companies’ approaches to strata title insurance, you may receive wildly different quotes from companies. Therefore, it’s essential that you seek quotes from multiple providers to find the company that best suits your needs and keeps your costs low.
Benefits of Residential Strata Insurance
As we mentioned above, strata title insurance is mandatory when you purchase a strata-titled building. Nevertheless, there are some distinct benefits when you buy your insurance through Strata Insurance Solutions:
- We’re responsive when it comes time to process a claim. When disaster strikes, you need to know that your investment is protected and that you’ll receive the funds you’re due to rebuild or repair as needed. Strata Insurance Solutions is there with you and will get the process moving as quickly as possible.
- It’s surprisingly easy and quick to request an online quote. From start to finish, this process only takes 5-10 minutes to complete. Complete our questionnaire to get started and we’ll help you get the protection you need for your strata building. Purchasing strata insurance doesn’t have to be a nightmare, so we do our best to keep it simple for you.
- Of course, strata insurance protects you against losses when your building suffers damage. While the specific risks to your building vary depending on your location, we can help you develop a policy that gives you the protection and peace of mind you need.
Why Strata Insurance Solutions Is Cost-Effective
We’re a client-oriented business that takes several steps to keep our costs low and pass those savings on to policyholders. Without the middlemen, you’re working directly with a team that is committed to providing you with the best service rather than whatever generates the highest commission. Contact us to follow up on an online quote or learn more about our strata title insurance options.
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.