6 Ways to Save Money on Your Insurance

This article discussing ways to save money on your strata insurance has been supplied by Insurance Aid General Brokers.

6 simple points that can assist you and your Body Corporate to ensure that you get the best possible terms out of your insurer.

    1. Make sure the grass is always greener
      A way to ensure your property is more attractive to potential Insurers is by making sure it’s maintained regularly. A well maintained building is likely to have less claims therefore the Body Corporate is looked at favourably by Insurers and they will want to compete to Insure the building and by doing so they will lower premiums to obtain the business.


    1. Don’t sweat the small stuff
      If you claim on all the little claims it will give you a poor claims history. Set an amount and don’t claim anything under that no matter what it is. That will help your overall claim rating and make you more appealing to future Insurers.


    1. Where do you see your building in 5 years?
      A good way to ensure you are correctly insured is to get an Insurance Valuation every 5 years. Having valuations completed regularly can avoid the Body Corporate having to pay an unnecessarily high premium or vice versa, being grossly under insured.


    1. Get what you pay for
      Another way to reduce your premium is by increasing your excess. This means the Body Corporate will take on more of the liability in the event of a claim therefore the Insurer will reduce the premium as the risk has become lower.


    1. Safety First!
      It is a Body Corporate’s responsibility to mitigate potential claims. A way this can be done is by ensuring the Workplace, Health & Safety Report is completed and there are no outstanding items on the report. By doing so, an Insurer can see that the Body Corporate has the best intentions of making sure potential claims or exposures don’t occur.


    1. Knowledge is power
      To make your building more appealing to Insurers, ensure you have compiled the results to the Sprinkler Flow Tests, complete surveys, current tenant occupancies, and their business activities, outstanding risk recommendations and outstanding claims. Your Stata Manager & Broker will be able to assist you to compile these, so work with them to get the information together and then your Broker will be able to explore the Insurance market comprehensively with the information at hand.


For more information about strata insurance please contact:
Sharon or Kimberley
Insurance Aid General Brokers
Phone: 07 3630 1823

Building towards the future

Tower Body Corporate looks forward to working with you. Call our office today on (07) 5609 4924 to speak with a qualified body corporate management professional about your strata management or body corporate services needs.


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By | 2018-07-16T19:39:54+00:00 July 14th, 2015|Body Corporate Committee, Body Corporate Manager, Owner, Strata scheme|Comments Off on 6 Ways to Save Money on Your Insurance