If body corporate owners actively maintain and manage their buildings, should they have access to better priced strata insurance?
Body corporate owners who actively maintain and manage their building benefit from not having adverse conditions imposed on their insurance policy.
Insurers typically do not provide discounts for buildings that demonstrate maintenance or risk management. It is implied by insurers that this is an expectation.
Instead, insurers impose higher premiums, excesses or policy conditions on buildings with a poor claims history or that disclose issues and defects.
Body corporates that actively maintain and manage their building benefit from not having adverse conditions imposed on their insurance policy.
Therefore, to ensure penalties are not imposed by insurers, buildings should always take a proactive approach to maintenance and risk management.
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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