Owners are proactive with their insurance
Research by Australian Apartment Advocacy with 587 apartment owners nationally has shown that an astonishing 90% had building insurance and 88% contents, indicating that these strata owners are taking positive steps to safeguard their homes and investments.
Interestingly 32% had been with their current insurer for 1-3 years and 42% more than 5 years, indicating a high degree of consumer loyalty. And when you look at the satisfaction rates with their insurer – their loyalty is rightly deserved.
Overall 67% were very or extremely happy with their contents insurer, 60% extremely or very likely to recommend their insurer and 66% were extremely or very likely to renew with their current insurer.
When dealing with the customer service team, satisfaction levels were also extremely high – with 82% extremely or very satisfied with how quickly their emails were responded to, 88% satisfied with the staff’s helpfulness, 89% stating staff were knowledgeable, 91% stating the information was easy to understand 86% indicating their problem was solved promptly.
Of those that had claimed against their insurer, satisfaction was again high, with 90% very or extremely satisfied with the ease of lodging their claim, 84% rating staff as helpful, 81% satisfied with how the claim was assessed and 80% with how the claim was finalised.
And while the market is highly competitive, 16% had heard about their current insurer through friends and family, 13% through their strata company and 11% via TV advertising – with 49% contacting their insurer for the first time via phone and 35% online.
Interestingly 44% of respondents did not get an alternative quote when their policy came up for renewal with 33% stating they were happy with their current insurer, 28% stating they had multiple policies with their insurer and 22% stating they were happy with what they were paying.
Of the 50% who did do a price comparison, 56% checked competitor’s websites and then 29% called in to speak with a customer service representative.
Samantha Reece, Director of AAA stated that she was pleased with the results of the survey.
“Content’s insurance is so imperative with apartments as this covers the likes of carpets and curtains and blinds,” Ms Reece said.
“While the building insurance is covered by the Strata Company (lot owners) some residents are confused about content’s insurance and this survey shows us that the majority of apartment owners are switched on.”