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As strata insurance premiums continue to skyrocket – is Insurance Premium Funding the timely solution for strata communities?
Insurance Premium Funding: What is it? Insurance Premium Funding (IPF) is a financial solution designed to help Owners Corporations manage their insurance costs more effectively. It allows owners to spread the cost of insurance premiums over time, typically in monthly or quarterly installments, instead of paying a lump sum annually. IPF ensures that Owners Corporations can maintain comprehensive insurance cover without straining lot owners’ cash flow. Indeed, given the time constraints on paying premiums, sometimes Owners Corporations have missed premiums simply because of the time required to issue levies and receive payment – IPF eliminates that risk. Changing dynamics of the insurance market. Rising inflation, supply chain constraints, catastrophic weather events, scarcity of materials and labour shortages are all factors driving the increasing costs of insurance in strata. Add in changes to global reinsurance markets and we have a perfect storm (somewhat literally). The statistics are telling:
IPF offers a practical solution to the challenges posed by the changing insurance market. Here’s how IPF can make a difference:
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