Weekly FAQ #1 – Insurance Premium and Cost Savings
Q. Our insurance premium is too high, can’t we just reduce the insured building amount? It is unlikely that we will ever claim the whole amount anyway!
A. The insurer will request that a property insurance valuation report be done for any request to reduce the insured amount. Reducing the insured amount is not the right way to cut cost. A lot of strata properties are under insured and poses a huge financial risks to property owners.
At MOCS, we will always call for multiple quotations prior to the renewal of the insurance to ensure you get the best value for money!