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6 Reasons to use a broker for your Residential Strata Insurance

Residential strata owners and strata committees know the importance of having the right insurance cover for their properties.

Navigating through the complexities of strata insurance can be overwhelming and time-consuming for property owners and getting it wrong can result in a risk of your property being underinsured when you need it the most - during an insurance claim. This is where an insurance broker can assist.

Insurance brokers deal with insurance policies all day, every day and can assist in ensuring you choose the right option and right level of cover for your strata property in your state or territory.

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What do brokers do?

Put simply, an insurance broker is an expert in all things insurance. For strata insurance, an insurance broker would assist and advise clients on the best options for strata insurance, they use their expertise to minimise risk and maximise protection of the strata property.

Brokers are responsible for acting in the best interest of their clients and providing advice in relation to the most suitable insurance for their strata property and the owners corporation personal circumstances.

Why use a broker?

Here are six reasons why you should use an insurance broker:

  1. Insurance brokers are experts in insurance. They deal with many different and sometimes complex policy wordings from a variety of insurance companies. For large properties with multiple stakeholders, the broker can decipher the best policy and present back the options all the stakeholders without bias and emotion. A broker can help the owners’ corporation understand the ins and outs of each of the policy options. With their knowledge and expertise, they'll help navigate through the complexities and get the best outcome

  2. Peace of Mind: Brokers assess the level of risk and identify the areas that require adequate protection. They know that each strata building is different and that a one-size-fits-all policy won't work for everyone. You may need some specific additional cover depending on your property, for example do you have a pool, gym and mechanical facilities in your complex? If so, you may need some additional cover.

  3. You can save money. Your brokers know the right information to provide the insurance companies. In some cases key pieces of information can affect your premium and sometimes it is difficult for owners to have all the right information at the time of getting a quote.

    It's not just about price. Insurance brokers understand that finding the right cover is more than just getting the best price, it involves finding the right balance between price, great coverage, and claims service. Brokers work with established relationships with insurers and underwriting agencies to get the best outcome for your strata property.

  4. Save time for yourself and your committee. By engaging a broker to assess the various insurance policies on your behalf you will save the time in shopping around yourself or with your committee. A broker will provide you with three quotes and explain the differences between each saving you the time in researching and assessing each of these policies. Your broker will also save you time acting as your central point of contact at all times during the policy lifecycle.

  5. Brokers are with you all the way. Brokers work for you, and are often one point of contact for you and your committee no matter what stage of the insurance process you are at.

  6. Brokers can provide claims service. They can assist you in the claims process from start to finish. They'll provide general advice, help you lodge your claim, and keep you updated throughout the process. Brokers can also provide technical advice that can help identify potential claims and rectify them, which can help keep premium costs down.

It is often a challenge when multiple stakeholders are trying to make decisions on all things strata related, it is important to ensure that everyone is comfortable with the decisions being made and hopefully, that one person within the committee isn’t carrying this burden for the entire committee.

With an insurance broker, you can have peace of mind knowing that your property is in good hands, and that you will receive the professional assistance required.  

Flex Insurance works with a number of brokers and strata managers to ensure the best possible cover for each property is obtained. Contact an insurance broker today to get the right coverage for your strata property.