4 things to keep in mind when applying for Strata Insurance

The need for a broker is increasing now that Strata construction is fast taking shape. There are new legislations being introduced and it is normal for one to get lost in all the details. A broker can help you navigate the market and choose the ideal Strata insurance for you to use. There are numerous things you must keep in mind for your insurance to work as you will learn below on this text. It just depends on you getting coverage that best suits the needs of your building and third party needs like damages and injuries. The following four factors are essential that you remember them for your Strata building insurance to have a chance at success.

Submit all the necessary data

Property owners are becoming selective of the risks they want covered since the market is now flooded with different construction materials for various needs. If you are applying for strata insurance, do not leave out information regarding the materials usedto create your building. This information might just favor the placement of your policy as you would need. The insurer can have a list of details they want to know concerning your building and hiding out any details can create challenges when you are making your claim in future. Be transparent and truthful to even better your chancesof getting covered and paying affordable premiums you can manage.

Presence of asbestos

Old buildings that are at least 15-20 years old have a high chance of having asbestos material as it wasa common ingredient builders needed. This asbestos material was used to improve house insulation for residential buildings back then however, as it is now, it can release fibers which when inhaled could be toxic to your breathing system. There are companies you can contract to help remove asbestos from your building when renovating or demolishing however your insurer must be made aware of such details.

Commercial occupants

Supposing your strata building has commercial occupants, let the insurer know when you are applying for the cover. Determine the frequency and intensity of the maintenance that is done for instance number of times ducts are cleaned and is it done by experts or DIY? Basically,a building with a lot of commercial activities going on might be at a bigger risk of certain challenges which means more premiums. It is however ideal that this information is truthfully submitted as other factors can be considered in giving you affordable premiums.

Report any defects

As a property owner, you know the defects that your building has. If you have not done any inspection, do it using a professional inspector to have an updated report on the quality of your building at the time of the insurance. The potential Strata insurer you are considering should be made aware of all defects that the building has for them to ascertain whether they should go ahead to insure the building or pass up the chance.