What factors contribute to the premium?

Some common factors contributing to the premium include: Government taxes (stamp duty and GST) The age and condition of the building Replacement cost The location Claims history The level of cover and costs of common property

Strata Insurance | Personal Insurance – First Peoples Insurance

Q: Can I pay my premiums by the month?

Yes. First Peoples Insurance can arrange monthly premium funding for many insurance policies through approved premium funding providers. For commercial insurance policies, the interest charged on a premium funding loan may be tax deductible, depending on your circumstances. Tax treatment differs for personal insurance products and may not be deductible. You should seek advice from your accountant or tax adviser regarding the tax implications of any premium funding arrangement.

Residential Strata Insurance (Body corporate Insurance) is specifically designed for Strata Titled properties. Properties of this nature have specific insurance requirements that cannot be catered for under standard home policies.

Why is this cover important?

Having the right Strata Insurance policy is often required by relevant State or Territory legislation and especially in the event of a claim.

There are many benefits with taking out a Residential Strata policy with First Peoples Insurance, including expertise, advice, risk management, claims service and the range of policies we have access to. When you have a claim, you want to make sure you are covered correctly, and you want the process to be seamless.

First Peoples Insurance are experts in Residential Strata Insurance and we urge Strata unit owners and body corporate committees to consider the following points:

Every strata building is different, and faces different risks which need to be taken into account when considering Residential Strata Insurance cover.

The high cost of strata insurance in North Queensland is driven by the risks faced in the region – insurers have paid out $1.40 in claims for every $1 received in premiums in North Queensland in recent years, according to a Government Actuary report in 2014.

Residential Strata insurance policies vary, and care needs to be taken to ensure the insurance policy matches the needs of the property.

Cheaper strata insurance cover bought directly could well be a false economy if it means you’re not properly covered in the event of a loss or claim.

The amount of cover (the sum insured) needs to be adequate and appropriate for the building and its risks, or strata owners could be significantly out of pocket if a major loss occurs. In order to determine the correct amount of cover, the body corporate committee must obtain a full building valuation at least every 5 years (or as often as may be required by local legislation). The limit of cover should also be reviewed each year (in between valuations) to take account of inflation in the cost of building and repairs.

What can strata insurance cover?

When it comes to residential strata property, you need an expert Insurance Adviser on your side. First Peoples Insurance has access to a range of Residential Strata Insurance cover available, which enables us to deliver you the best Insurance solutions for your needs.

A Residential Strata Policy covers you for a range of insurable events, including but not limited to the following:

Building / Common Contents

Covers loss or damage to insured property, including damage caused by cyclones, storm surge and floods. It is important to note however, that flood is not automatically included.

Legal Liability

Covers up to $20 million legal liability arising out of your ownership.

Personal Accident (Voluntary Workers)

Offers a loss of income benefit to a voluntary worker insured whilst working for you in an unpaid capacity.

Office Bearers Liability

Provides protection for office bearers held legally liable for wrongful acts, such as providing property managers with incorrect instructions or failing to exercise due care when negotiating on behalf of the unit owners.

Emergency Accommodation

Cover available in the event of a claim.

Catastrophe Cover

Following a significant event that causes widespread property damage, it is common that building costs increase, with the result your building sum insured may then prove inadequate.

First Peoples Insurance is a 100% Aboriginal-owned, full-service insurance broker, not a product seller. We partner with you to understand your risks and design tailored insurance brokering solutions that evolve with your needs.

We have access to a large range of quality insurers and policies to ensure you obtain the best possible coverage.

Our claims team has years of experience and expertise in successfully managing complex and difficult claims.

When you take out Residential Strata Insurance with First Peoples Insurance, you will immediately have access to our expert claims team for personal service on claims, and our experienced Advisers for advice on Risk Management.

First Peoples Insurance claims team has been recognised as an industry leader (“quoted by a prominent insurer”). This has huge benefits within the Strata Community. We work with unit owners and partner with Strata Managers, delivering exceptional outcomes.

We have access to many product features and benefits, some of these benefits are:

Optional additional 15% Catastrophe cover
Strata Manager Defence Costs
Optional Flood Cover
Storm Surge cover resultant from named cyclone

Frequently Asked Questions for Residential Strata Insurance (Body Corporate Insurance)

Insurance is like any other product, you pay for what you get. There are many different insurers offering policies in different shapes and forms.

Service is extremely important.

This is the difference between a claim being paid out over night and a claim being paid out painstakingly over a year. Cheap premiums are on offer because costs are being cut elsewhere.

Coverage is also extremely important.

This is the difference between your claim being paid out or not paid out at all. Quite often, this results in financial burden in the long run.

Any new fixtures installed by a Unit Owner or any upgrade made by a Unit Owner to an existing fixture, that results in its replacement value being more than its replacement value immediately prior to the improvement.

Being for the Unit Owner’s exclusive use, and permanently attached to/fixed to your Insured Property, therefore to become legally part of it.

Yes. First Peoples Insurance can arrange monthly premium funding for many insurance policies through approved premium funding providers.

For commercial insurance policies, the interest charged on a premium funding loan may be tax deductible, depending on your circumstances. Tax treatment differs for personal insurance products and may not be deductible.

You should seek advice from your accountant or tax adviser regarding the tax implications of any premium funding arrangement.

If you live in your property as the owner occupier, you should take out Contents Insurance.

If you are renting out your property, you should purchase Landlord Insurance.

Some common factors contributing to the premium include:

Government taxes (stamp duty and GST)
The age and condition of the building
Replacement cost
The location
Claims history
The level of cover and costs of common property

As your Adviser, you will always contact First Peoples Insurance in the first instance and we will guide you through the claims process as this can vary from insurer to insurer.