Is strata insurance for small strata schemes in WA only available from a hand full of suppliers?
I’ve been told by an insurance broker that unless it is a high rise multi million dollar property, insurance for small strata schemes in Australia are only available from Longitude, QUS, Strata Community and CHU.
Is this true? Otherwise, what other insurers will provide cover to a small complex of 6 2x1 single storey units in WA?
No. While the number of insurers willing to insure small strata schemes is more limited than for some other types of insurance, it is not restricted to only a handful of providers.
For a small strata scheme, such as a six-lot complex in Western Australia, there are a number of insurers that may offer cover through insurance brokers. These can include CHU, QUS, Flex Insurance, Hutch Underwriting, Axis Underwriting, Longitude Insurance, and Strata Community Insurance, depending on the property's characteristics and the insurer's underwriting appetite.
There are also some insurers that offer strata insurance directly to customers, such as GIO and Suncorp.
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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