Question: Should older, self managed strata buildings that are actively maintained and managed have low insurance premiums?
Answer: Insurers typically do not provide discounts for buildings that demonstrate maintenance or risk management.
Insurers typically do not provide discounts for buildings demonstrating maintenance or risk management. Insurers imply that this is an expectation.
Instead, insurers impose higher premiums, excesses or policy conditions on buildings that have a poor claims history or disclose issues and defects with their building.
Buildings that actively maintain and manage their building benefit from not having adverse conditions imposed on their insurance policy.
Therefore, we always recommend buildings take a proactive approach to maintenance and risk management to ensure insurers do not impose penalties.
Tyrone Shandiman Strata Insurance Solutions E: tshandiman@iaa.net.au P: 1300 554 165
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 Advisenent Australia AFSL No 240549, ABN 15 003 886 687.