Our strata insurance policy carries a claims excess of $10,000 for water damage claims. Can an owner insure against this excess?
My unit is within a relatively large single tier strata complex. Because of the claims history, the strata insurance policy carries a claims excess of $10,000 for water damage claims (including storm damage). This is an exceedingly high excess for a unit owner to face if they have to lodge a claim. Is insurance of the claims excess on a strata insurance policy available for an individual unit owner?
There are no excess buydown options in the strata space for claims like this.
Unfortunately there are no excess buydown options in the strata space for claims such as this.
In this instance, the best thing you can do is proactive maintenance of your property to prevent insurance claims. This includes roof maintenance, checking flexi hoses for signs of wear, maintaining shower recesses, and addressing any specific issues impacting water damage.
This should be encouraged across the entire complex to reduce claims history and put the owners in a better negotiating position to reduce the excess.
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.
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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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