Insurance - entire building insurance

I am living in a building of 20 apartments. As part of the body committee we have to choose a insurance provider within the next 1 week.

Any suggestion for possible insurance providers for the whole building? 2 floors in height. 20 apts.

I am not able search for it or don't know which term to search for in Google.

Body Corp has suggested a insurance company that we had insurance with last year - SUU

Premium is almost $11,000 (15% increase from last year). It covers $6.7 million.

Thanks.

 

Does the building not have a strata manager ?
Google/find an insurance broker (it often works out cheaper than going thru the strata manager)
They will find 3-5 similar providers for you
You will need a rough building value

 

We have a body corp and a person in it looks after everything including insurance etc.

 

Usually a strata manager would obtain several quotes for the committee to vote on accepting one (often the strata management receive a commision for this).

With any body corporate things should not be left to the discretion of one person, this is how things go pear shaped (everything from strata paying for works to their lot, or jobs for their mates)

 

Most Strata Insurance are sourced by Strata Managers, or BCM as we call it. They should get at least 2 quotes which should be free, because they'll get kick-backs. Check the Mgt Agreement.
But if you have time and capability, you can find your own Broker. I've done it.

Here's a tip for you: in our experience, the premium goes up steadily because the sum insured increased steadily from the first time you go with that insurer, or your last Insurance Valuation Report. Have a look at your Sum Iinsured in your last CoC.
Then quickly get an updated Report from a qualified person. Again, I've done this twice for two of our Complexes and both times saved a lot of money.

 

Obviously, if you can get a second quote out asap it will be advantageous however if you can't, you should be more prepared for next year.

Consider the state of the building industry at present, the recent labour shortages, price increases etc and the adequacy of the amount covered. If the cost of replacement has increased, then it could be justified. Has anyone though of asking your insurer to sharpen their pencil?

Is the amount of coverage proposed enough if the building suffers a catastrophic event? What is the likelihood of a catastrophy wiping out the entire complex? Will lesser coverage be detrimental if the building was damaged beyond habitation?

 

Thanks, will contact the body Corp and insurance company directly.

 

@Car tart is an expert in this area...