Learn how to take control and protect your property from unethical practices exposed by recent investigations.
The recent Four Corners exposé shed light on the murky world of strata management, uncovering hidden fees and secret commissions that could impact strata insurance costs for apartment and unit owners.
If you're worried about the transparency of your strata managers and their impact on your strata funds, you're not alone.
The Four Corners investigation has revealed that certain strata managers are making unethical profits from strata funds. These managers are getting kickbacks and secret commissions from insurance providers, causing premiums to be inflated. This practice results in owners potentially overpaying for insurance.
As strata owners, it's crucial to question: Who is truly benefitting from the insurance policy you're paying for?
The positive news is that you can regain control by overseeing your strata insurance by going directly to a reputable broker such as Fync, ensuring transparency and cost-effectiveness.
Full transparency on costs:
Going directly to an insurance broker for strata insurance gives you a clear breakdown of costs. There are no hidden commissions or fees passed along to third parties. You’ll know exactly what you’re paying for and why.
Lower premiums, higher savings:
Without the interference of strata managers taking a cut from your insurance, your broker can often secure more competitive premiums. This can save your strata fund thousands of dollars each year, which can be reinvested in property maintenance or other areas.
Customised coverage for your property:
Your broker will work with you to select a policy that best fits your specific needs rather than relying on a generic, one-size-fits-all solution. Whether it’s a townhouse complex, unit block, or apartment building, your broker can ensure your coverage matches the requirements of your property.
Avoid unethical practices:
The Four Corners report highlighted unethical behaviour within the strata management industry. By taking control of your insurance with your broker, you can avoid the risk of overpaying due to secret deals and ensure that your money goes where it should—towards your property's protection.
What to look for when choosing strata insurance:
It’s not just about finding any insurance policy; it’s about finding the right one. Here are a few things your broker will consider when selecting strata insurance:
Comprehensive Coverage: Assurance that your policy covers common property, such as shared areas, roofs, and gardens.
Public Liability Insurance: Protection against potential legal claims for accidents on the property.
Catastrophe Cover: Australia is prone to natural disasters, so having coverage for events like floods or fires is crucial.
Fair and Transparent Pricing: Clear and understandable pricing—no hidden fees or commissions.
How Fync can help with your Strata Insurance:
Fync is an Australian-owned Insurance brokerage that has helped many strata owners with insurance coverage with no hidden fees or kickbacks. Instead, Fync is committed to helping strata owners make informed decisions about their insurance whilst saving them money by eliminating the costly middleman (strata managers). Our policies are designed to be clear, competitive, and in your property's best interest.
If you’re considering managing your own strata insurance or want to explore your options, our experienced team is here to assist. We can help you understand how to take control, find the right coverage, and ensure your strata funds are working for you—not someone else.
Visit the Fync website today to learn more and see how we can help you make more informed, transparent decisions about your strata insurance.
*Disclaimer: Please note that the information provided in this communication is for general informational purposes only and should not be construed as professional advice. It is not intended to substitute for personalised financial, legal, or tax advice. Please consult a qualified professional before making any decisions based on the information provided.
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