06 Jul Premium Funding: A Cost-Effective Way to Pay for Strata Insurance

Managing your financial obligations is crucial for an owners corporation. Regular expenses, including insurance premiums, can strain cash flow and limit your ability to make necessary upgrades or investments into the property. Premium funding offers a cost-effective way to spread your strata insurance premium over convenient monthly instalments. This approach frees up valuable working capital for owners corporations, fostering smoother financial management.

Advantages of Premium Funding for Owners Corporations

• Improved Cash Flow: By dividing the premium into manageable instalments, you avoid a large upfront cost, enhancing your financial flexibility.
• Strategic Planning: Predictable monthly payments facilitate budgeting and resource allocation.
• Competitive Fixed Interest Rates: Ensure clear financial forecasting, eliminating budgetary surprises.
• Simplified Collateral Requirements: Utilising the insurance policy itself as security, premium funding does not require traditional ‘bricks and mortar’ to secure the funding.
• Flexible Payment Options: For payments that need to be paid from Trust accounts and direct debit is not an option, such a Strata Insurance, monthly BPAY vouchers are available.

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Contact your CRM Broker today to arrange premium funding for your strata insurance premium.

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Important Notice

Disclaimer:  Terms, conditions, limits, deductibles and exclusions apply to the products referred to above. Any advice in this article is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Before making a decision to acquire any product(s) or to continue to hold any product, we recommend that you consider whether it is appropriate for your circumstances and read the relevant Product Disclosure Statement (‘PDS’), Financial Services Guide (‘FSG’) and the Target Market Determination (‘TMD’) which can be obtained by contacting CRM Brokers.

Information is current as at the date the article is written as specified within it but is subject to change. CRM Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of CRM Brokers.