Recommendations for best B/Corp Insurer

Hi all,

I have searched but search came up that these terms were too common or too long to yield results, so I thought I'd ask here instead :eek:

Time to renew B/Corp insurance for our PPOR. We're the front property of 2 on a subdivided block so the only 'common ground' is our shared driveway.

Currently we're with an insurer (Fergusons) underwritten by QBE. The fee's gone up quite a bit since last year, approx $150, so we're looking at shopping around before we renew.

Does anyone have any recommendations for insurers (VIC)?

Many thanks :)
 
Hi M&M,

Can't speak for Vic insurers sorry. Do you generally arrange your insurance through a broker, or look after it yourselves? Might be worth locating an Insurance Broker (try a few different ones over the phone first) to provide the info on reputable companies.

Slightly off topic, we just went through a really difficult time trying to get Strata Insurance for our complex in Karratha WA (Cyclone Zoning). QBE sent us a letter, two weeks out from current policy expiry saying sorry but we're pullingthe pin and won't insure you.

So after all the hoo ha from strata mgrs working excess hours (poor souls!) trying to source insurers and then finally reviewing four totally outrageous quotes (Two of which the policies did not cover storm damage, flooding or cyclones), Zurich finally came across with a decent policy and reasonable premium.

What's happend over last two years of freak storms and floods hitting the country (south, east & west) is QBE, Suncorp and others have refused to deal in any strata insurance in cyclone zones. The stupidity is that it has been the metropolitan areas and non-cyclonic areas which have had all the storms, damage and therefore inurance claims. All the floods in NSW, Vic & Qld. have hit outside of the cyclone zonings.

Insurers have been smashed with claims the last two years.....predominantly from CBD / Metro areas.......although the far western rural region of Qld has cost zillions of dollars this year, it is not in cyclone zoning.

Go with a broker....it will be easier, but make sure you read the policy as the buggers are weaving loopholes into them everywhere now. You really must read the policy properly to make sure you are covered.

Good luck....Ian.
 
Thanks Ian!

It's currently through a broker but I thought I'd just shop around & see what's out there.

Interestingly enough, the FOS (financial Ombudsman) put us in touch with a list of strata insurers, half of which don't do strata insurance!

Waiting on a couple o quotes, but GIO seems the best so far. We were with Zurich, but broker has recommended CHU this year.

Have found it's a bit of a monopoly, like the Big 4 banks. There seem to be only a few actual companies out there that seem to underwrite everyone else.

Thank you, I will check the clauses before I sign us up.

Regards,
M&M
 
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