HI all, I’ve been tasked with coming up with some alternate quotes for our Owners’ corp building insurance. We’re in Vic, and have had a policy with GIO for some years. It’s time to compare to make sure we’re getting the best deal for us. Any recommendations for companies you’ve used and were happy with their product & customer service.
Welcome to the community @Ants
Is your Owners Corporation self managing? Or do you also pay for a management service?
The majority of policies are supported by just a handful of underwriters. One strategy would be to approach one or more brokers who specialise in insurance for strata properties. A broker can provide one or more comparative quotes. There will be a fee for the broker.
My experience with insuring strata properties is limited to QLD. The insurance policies will vary between the types of properties, use/occupancy and location and other factors. The insurer who is best for one site may not be for another.
An example only and one we have regularly quoting for our needs.
No comment on our current insurer or policy. Until one needs to make a claim there is little evidence on which to appraise the insurer.
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Hi Mark, thank you for your welcome & response. We are self managing, as there are only 7 units in the block.
I have thought about approaching a broker, but how do you choose one? I would want one that is truly independent.
I’ll check out the CHU. It will be helpful to at least have something to compare GIO with.
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Hi @Ants, welcome to the community.
You can search for one using the National Insurance Brokers Association of Australia search engine:
Note: Body Corporate (viz. Owner Corps) sits under business insurance when searching. Leave Business Type blank
If you know of other owner corps using an insurance broker, recommendations can be worth their weight in gold. If recommendations from others are sought, ask for things like how good where they at communicating and understanding insurance requirements, who they dealt with/their account manager’s name, how they were when claims were made, if they have had any issues etc.
Usually you only need to contact one broker as they go out to a number of insurance underwriters for quotes - from our own experience it is likely to be the same ones with possibly one different one. If you go to more than one broker, you often find that they go to the same insurance underwriters for quotes…potentially wasting the insurance underwriters time in preparing two quotes based on the same information (and premiums more or less the same).
A good broker will provide you with the original quotes and be upfront on what additional fees they charge on top of the quotes (ask for a copy of their Product Disclosure Statement (PDS) and/or Financial Services Guide (FSG)). They should also run through what is offered in each quote and what they recommend - it may not be the cheapest quote but based on differences in policy inclusions and feedback from their other clients such as when claims are made.
It is also important to build a relationship with them - visit them if you can and also screen a few to select one which seems approachable and easy to work with. A relationship is important so that they understand your insurance needs and are there to help out when help is needed (such as assisting with claim lodging and pursuing the underwriter when claims are not assessed in a timely manner).
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