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Strata Insurance in WA

Discussion in 'Property Management' started by Ity, 13th Dec, 2015.

  1. Ity

    Ity Member

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    Location:
    Perth
    Hi all,

    Does anyone have any recommendations on strata insurance in Perth/WA?

    I have a triplex nearing completion in Balga and I'm planning to keep all three units and manage them (and hence the strata) myself. I haven't found much information about strata insurance though. I plan on taking out landlords' insurance for the units, so it's just the building component I'm looking for.

    Is anyone else in a similar situation, and if so, what do you do? Are there any insurers you'd recommend for stratas? Would it help to go though an insurance broker?

    Cheers
     
  2. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    Perth WA
    My guess would be that it would be cheapest to get an all in one policy to cover the lot.
     
  3. Matthew Savage

    Matthew Savage Active Member

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    Location:
    Brisbane, QLD
    Yes, look for a strata insurer. Try Honan Insurance brokers: http://www.honan.com.au/Strata-1b-71-RE.html

    If you consider other insurers that do not specialise in strata policies, read the policy wording extremely carefully.

    Matt
     
  4. Perthguy

    Perthguy Well-Known Member

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    When I was in a strata scheme, the only insurer I could find was RAC. It would be worth calling them for a quote.
     
  5. brettc

    brettc Well-Known Member Business Plus Member

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    There are plenty of brokers in this space who can do what you are after. Just be sure to use a genuine Strata Building policy and not a household policy, even though it will only be a small block. Feel free to sing out if you have any questions, I can send it via a broker who specialises in that risk type.
     
  6. Rooky

    Rooky Well-Known Member

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    I have got from CHU for entire building - 3 units and common drive way - and also landlord insurance for $1347.00 from CHU.

    Its better to roll everything into 1 insurance policy if u are owning all 3 units.
     
  7. sanj

    sanj Well-Known Member

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    CHU are big in this space but only deal with brokers or strata managers I believe. I was also told earlier this year there's another new player in the market but I can't for the life of me remember who it was, the strata manager I spoke to had said initial signs were good, no issues paying out etc
     
  8. Rooky

    Rooky Well-Known Member

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    I called in their reception and they connected to someone in sales. So they do direct salea as well.
     
  9. Ity

    Ity Member

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    Thanks for all the advice, and sorry for not replying earlier! I've tried the RAC - will definitely take them into consideration, as they've been pretty good when I've had to claim in the past. I'll give CHU a call too - I actually hadn't heard of them before so will check them out before I contact a broker. The units are still about a month away from completion which leaves me a bit of time to find the right insurance.
     
  10. JenW

    JenW Well-Known Member

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    Perth, WA
    We've dealt with CHU directly for our villas - they do deal directly with owners. Another +ve recommendation from me for them, whenever we've had a claim they've been very efficient.
     
  11. Ity

    Ity Member

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    It's great to hear CHU has been good with claims. However many product disclosure statements you read and compare, they give you no idea about how easy it is to deal with an insurer if you need to make a claim. I appreciate hearing others' experiences!