Question: Due to the presence of cladding on our townhouses, our insurance company has declined our renewal and other insurance companies are refusing to insurance. How do we organise insurance?
We are a class 1 building of 2 storey with a party wall between the 10 townhouses. We have a fire engineer’s report stating there is 9% ACP cladding on the building. Our owners corporation has told us our insurance company has declined our insurance renewal and other insurance companies are refusing to insurance us as well. How do we organise insurance?
Answer: Seek quotes from the wider market.
Some insurers will decline to offer quotes if there is cladding at your premises. In such instances, the most important thing to do is seek quotes from the wider market to ensure the new insurer’s quotes are most competitive. If you have a broker, they should be able to assist you with this.
This post appears in the July 2022 edition of The VIC Strata Magazine.
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.