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?
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 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 and the specific coverage afforded under their policy wording. 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.
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Tyrone Shandiman is a seasoned professional in the insurance industry having embarked on his journey in 2004 within the financial services sector. In 2011, he established Strata Insurance Solutions, transforming a garage startup into a reputable firm servicing over 900 clients with a dedicated focus on strata insurance. Tyrone's role extends beyond managing operations and tackling complex insurance matters; he also founded the Australian Consumers Insurance Lobby, championing consumer rights within the insurance industry. Notably, his efforts and expertise have been acknowledged with numerous industry awards. Adding to these accolades, Strata Insurance Solutions was recently named an Australian Top Brokerage by Insurance Business Australia Magazine, a testament to the firm's excellence and leadership in the field. Tyrone is a regular contributor to LookUpStrata.
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