One of the most contentious issues in the new strata laws that came into force in NSW last year was the question of compulsory strata insurance and commissions paid by insurers to the strata managers who organised it.
Under the new laws, strata managers have to declare any commissions they receive and they also have to provide three quotes from potential insurers for owners corporations to consider.
However, there’s a whole other area of insurance – small buildings that may not have a strata manager and don’t really need an insurance policy with all the bells and whistles that larger blocks want and need.
Our sponsors CHU now cater to that market through CHUiSAVER, which offers a stripped-down, budget Residential Strata Insurance Policy which is fully underwritten by QBE.
“The Residential Strata Plan Insurance Policy covers all the minimum legislative requirements for your Strata Title and has been designed for budget conscious customers just requiring the bare essentials,” says a spokesman.
CHUiSAVER say their customers save money as they only pay for the minimum cover they need and they can purchase their policy online at any time of day or night.
The policy is simplified by only providing cover for the bare essentials and owners corporations can choose a higher excess to lower their premiums.
CHUiSAVER is supported by CHU, Australia’s largest strata specialist, and is underwritten by QBE. For more information about CHUiSAVER, visit their website at www.chuisaver.com.au or email your enquiries to email@example.com. And you can get a quote by clicking HERE.