5 reasons to use an insurance broker
Appropriate strata insurance for strata title properties is mandatory across Australia. Yet for many strata owners and strata committees ensuring their properties have the right insurance cover can be complex, time consuming and at times confusing.
Don’t wait for that moment when you have to make an insurance claim, only to discover your property is underinsured and left with unanticipated expenses. When it comes to strata insurance, the last thing you want is surprises. A strata owner or committee should never be in a situation prior to making a claim, where they are unsure whether or not their building is sufficiently covered.
This is why insurance brokers are so important.
Insurance brokers are trained professional who work on your behalf and can be relied on to provide professional advice in your best interest. They work closely with owners and strata managers to pinpoint the right policies at the right price and know who to speak to get the right answer about your policy or during a claim.
Brokers are insurance experts
Despite inroads to make policy wordings more user-friendly, they are sometimes complex documents and can be difficult to understand. This can lead to a greater chance of getting the strata insurance wrong, particularly where the risk is complex or the property is large, leaving the strata owners vulnerable to financial and legal implications.
Brokers are trained professionals and experts in insurance. They continually review coverage to ensure it remains appropriate at all times and keep on top of industry changes both from a legislative and product perspective to not only help you navigate complex policy wordings, but also your overall risk management exposure.
Assess your level of risk
Brokers understand that all strata buildings are different and that a one size fits all policy doesn’t suit for all. Some brokers even specialise in strata insurance. They can identify whether your property requires an all inclusive policy or a tailored policy to ensure your property is adequately protected. Without the right experience, it is hard to know what you are not covered for.
Without the right cover, strata owners and the committee may be left unprotected from an office bearers or legal defense claim which could be costly and could also make getting insurance expensive in the future. A broker will be able to review your unique situation and identify the areas of risk to ensure you are appropriately covered.
It is not just about price
A broker knows that finding the right cover is more than just the price and that can backfire in the event of a claim if you find out you’re not adequately covered, or even not covered at all.
They look for a balance of price, great cover and claims service. They have established relationships with insurers and underwriting agencies and work with them to get the best outcome for your strata property.
Making insurance more affordable
Brokers have extensive knowledge of the insurance market and are aware of the terms and conditions, benefits and exclusions across a wide range of insurance policies and can provide you multiple quote options. They will also negotiate to achieve the best premiums on your behalf.
Claims service
A Brokers role doesn’t end after arranging your insurance. They assist in the claims process from start to finish helping with general advice, claims lodgement and keeping you updated on the process and outcome.
Brokers can also give you technical advice that can help identify potential claims and rectify them, which can assist in keeping premium costs down.
Knowing they are supporting you is helpful and comforting in an already stressful situation.