This article discusses the WA strata insurance policy period and confirms that most policies are issued for 12 months.
Question: How far ahead should insurance policies cover? In our AGM in November we will be asked to vote for a new policy that will cover November 2021- November 2022. Are these WA strata insurance requirements?
Answer: Generally an insurance policy is issued as a 12month policy, which expires at 4pm on the expiry day. In advance you may ask an insurer to extend your insurance renewal by a few months, with some insurers not issuing policies beyond 18mths.
This post appears in the March 2021 edition of The WA Strata Magazine.
Leonie Milonas PSC Property Lync Insurance Brokers E: leonie@lyncinsure.com.au P: 1300 127 503
General Disclaimer: This response is prepared for informational purposes only and is a general response only. It is not insurance, financial or legal advice and should not be relied on as insurance, financial, strata or legal advice. Before you act you should seek specific advice by consulting with a qualified insurance advisor, a strata consultant or seek legal advice.