How Have The New Laws Affected Strata Insurance?
In our video series Michael Vumbaca, General Manager at Jamesons Strata discusses how the changes have affected strata insurance.
This is one of the key areas of the new legislation that aim to improve transparency between Strata managers and their clients.
One of the compulsory new parts of the legislation is that your Strata manager now has to get three quotes for your insurances each year. Those quotes then need to be presented to the strata committee so that they can make a decision about which insurance company they want to proceed with. Similarly at the same time, those quotes need to demonstrate the amount of commission paid by each insurer so you’re aware of just how much commission your Strata manager is receiving or returning to you by taking out the insurances.
This change to the legislation is a great outcome for the owners in strata as they are going to have more transparent insurances that they can review each year whilst deciding which insurance policy they want to take out.
Our view at Jamesons has always been to provide three quotations for insurances each year. We also provide you with your insurance commission back via a reduction on your premium each year, which results in a saving of up to 20% for you annually.
Jamesons are a family run business that have provided Sydney residents with strata management services for over 50 years. If you would like more information regarding strata management, please contact Jamesons Strata Management on (02) 8969 3400.