Case Study: Reducing Insurance Premiums for Lakeside Gardens

In this case study, we’ll explore how a residential strata community in Sydney, Australia, successfully lowered their insurance premiums while maintaining adequate coverage with Sirius Insurance, a reputable insurance broker specialising in residential strata insurance. 

Client Profile 

The Lakeside Gardens Strata Scheme comprises 100 residential units across five apartment buildings overlooking a picturesque lake in the suburbs of Sydney. The strata committee, led by Helen Thompson, manages the shared facilities and secures appropriate insurance coverage for the complex. 

Challenges 

Like many other strata communities in Australia, Lakeside Gardens was experiencing rising insurance costs due to the buildings’ advanced age, their high-risk location close to water, and an increase in the number of claims in the region.

Due to financial limitations and resident pressure to identify cost-saving measures, the strata committee requested help from Sirius Insurance to investigate their possibilities. 

Assessment and Analysis 

Sirius Insurance comprehensively assessed Lakeside Gardens’ existing insurance policy, reviewing coverage levels, deductibles, and risk management practices.

They also analysed historical claims data and identified areas where improvements could be made to reduce the frequency and severity of claims. 

Strategies Implemented 

Coverage Review: Sirius Insurance closely collaborated with Helen and the strata committee to evaluate their coverage requirements and eliminate any extra or redundant coverages.

The coverage was streamlined to remove unnecessary features, which allowed them to lower rates without sacrificing vital protections. 

Risk Management Recommendations: Sirius Insurance acknowledged the value of proactive risk management and suggested several steps to reduce possible hazards and eventually lower insurance rates.

These involved implementing routine maintenance plans, modernising security systems, and carrying out fire safety inspections. 

Comparison Shopping: To ensure Lakeside Gardens received the best prices possible, Sirius Insurance gathered quotations from several insurance companies by utilising its wide network of providers.

Then, they thoroughly examined each idea to determine which offered the most value for the strata community. 

Negotiation with Insurers: Sirius Insurance secured attractive terms and savings for Lakeside Gardens with insurers by using comprehensive data analysis and professional advice.

To show their dedication to reducing claims, they emphasised the proactive risk management strategies the strata community had put in place. 

Results 

The Lakeside Gardens strata committee and Sirius Insurance worked together to save a substantial amount of money without sacrificing the quality of the coverage. The 15% premium reduction from the prior year resulted in significant cost savings for the strata community. 

Additionally, risk management procedures at Lakeside Gardens experienced a noticeable improvement, which resulted in a decrease in insurance claims and a more stable insurance portfolio over the long term.

Residents were happy with the outcome, knowing that their strata committee had taken proactive measures to safeguard their investment and financial well-being.