Using a Strata Insurance Broker can be a game changer

With the online market a popular way of obtaining insurance cover, the role of an insurance broker may appear less relevant than in previous years. However when it comes to Strata Insurance, it is quite the opposite.

Complex legislation and the intricate, highly involved nature of managing Strata Insurance and strata claims, has meant the role of an insurance broker is more valuable than ever for strata unit owners.

In Australia’s highly litigious society, it is becoming increasingly important for Owners’ Corporations (OCs) to engage professional advice when managing Strata Insurance.

With a raft of legal requirements and complex claims issues to grapple with, a Strata Insurance broker can help alleviate the hefty workload and legal responsibilities associated with managing Strata Insurance.

A Strata Insurance broker will help ensure your OC has appropriate insurance in place to protect against risk exposures associated with Strata properties.

Direct Insurer V Insurance Broker

As the direct Strata Insurance market becomes more established, some OC’s are choosing to forego the use of an insurance broker to navigate the complex Strata Insurance and claims processes themselves.

While we acknowledge there may be some benefits when it comes to initial cost, it is important to understand the significant risks and challenges your OC may come up against without the professional advice of a qualified Strata Insurance specialist.

To help explain the benefits you stand to gain by utilising a specialist strata insurance broker, we have developed a simple overview below.

Whitbread are experts in Strata Insurance

With over 40 years’ of experience, Whitbread are specialists in arranging Strata Insurance solutions and claims management for residential and commercial Strata properties.

Our depth of knowledge and experience gives us a unique insight into Strata risks, enabling us to provide leading advice and service to your benefit.

Our primary objectives are to;

1. Arrange the right insurance coverage for your OC – as a broker, we are qualified to provide professional advice and make insurance recommendations based on your OC’s specific circumstances. Note: Personal advice is not accessible through the direct insurance market.
2. Reach the best possible outcome for your OC in a claim – our dedicated claims consultants manage and drive the claims process from start to finish, ensuring all parties involved in the settlement of the claim are collaborating effectively.
3. Keep you informed of regulatory changes – frequent regulatory changes in the Strata Insurance industry may effect your roles and legal responsibilities as an OC. Whitbread always aim to keep you informed.

The benefits of engaging a Whitbread Strata Insurance Broker

1. Specialist Insurance Advice & Service

Professional Insurance Recommendations

• Upon policy inception and at renewal, Whitbread approach the insurance market on your behalf to provide multiple quote options. We also negotiate with insurers to achieve the best premiums and tailored coverage suitable your OC’s specific circumstances. Comparatively a direct insurer can only provide quotes for their own insurance product.
• Whitbread insurance advisors have years of training and experience. Our strata specialists are equipped to explain technical details, compare different policies, make recommendations, and bring light to any special risks or issues you need to be aware of.

Dedicated Broker

• Whitbread assign a dedicated account manager to your strata property, ensuring you can speak with the same broker each time you call. If preferred, we can also arrange face-to-face meetings to engage with OC’s on more personal terms
• Our brokers undergo continuous professional development to ensure they are up-to-date with new products and emerging risk exposures.
• Whitbread’s strata brokers will do the heavy lifting when it comes to insurance. Our team can minimise the workload for OC’s when it comes to insurance, while also ensuring your strata property has the best possible insurance protection in place.

2. Claims Management & Consulting

Whitbread have a specialist strata claims team to manage your OC’s claims from start to finish.

On your behalf our team:

• Harness their expertise to negotiate with insurers, assessors and repairers, to efficiently reach the best possible claim outcome.
• Advocate for you – as advisors, we are not influenced by external demands. Our goal is to reach the best outcome for your OC.
• Provide updates and information keeping you informed on progression of the claim.
• Utilise in-depth technical policy knowledge when negotiating with insurers to achieve the best possible claim settlement.
• Escalate insurer claim denials where suitable, pushing for a favourable outcome via the relevant insurer’s internal disputes resolution team.

3. We keep you informed & educated

We regularly publish insight articles on all things Strata Insurance to help keep you informed and up-to-date. Topics range from legislative changes to advice on claims and complex Strata Insurance issues. Click here to access our catalogue of insurance articles.

4. Not just Strata Insurance

Whitbread have a Personal Insurance team who specialise in formulating insurance solutions to protect against the additional risk exposures of strata property residents and owners.

Depending on whether you are an owner-occupier, tenant, or landlord, this may include Contents Insurance or Landlord Insurance.

For more information please click here, or contact us on the details provided below.

For more information on Strata Insurance and the benefit of engaging a Whitbread Strata Insurance broker for your OC, please get in touch:

T: 1300 424 627
E: info@whitbread.com.au

^{This article is not intended to be personal advice and you should not rely on it as a substitute for any form of personal advice. Please contact Whitbread Associates Pty Ltd ABN 69 005 490 228 License Number: 229092 trading as Whitbread Insurance Brokers for further information or refer to our website.}