Though the broker does not disappear empty handed. They then cost a rate towards the strata supervisor to make up to the shed commission, which receives wrapped into the costs that specific strata owners pay back. 

"This identifies a important trouble with our current informal voluntary merger notification regime."

Despite which strata insurance company you are at this time with, the identical premium reduction methodology applies.

ACCC chair Gina Cass-Gottlieb suggests commissions are driving up the price of insurance as 4 Corners exposes the hidden preparations lining the pockets of brokers and strata management firms with the expense of condominium owners.

"They'll preserve preventing until eventually in essence It truly is drawn out [although] they maintain taking Those people management expenses. It truly is that same pattern."

The letter also warned the committee associates could possibly be Individually liable, which Dr Parkes considered was an attempt at intimidation.

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"If all of this was declared to us, then we could make your mind up for ourselves whether or not which was a fair point or not. But The point that It is retained from us, it doesn't scent suitable."

Best from the content material Cash Insurance coverage Home and contents conflicts of interest in strata insurance Backroom promotions in strata coverage And exactly how They are costing you Prolonged-standing conflicts of curiosity may have a large impact on rates.

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"They correctly wrote into your finances that the remainder of the developing, the residential owners, might be shelling out around $6,000 a year well worth of bin selection fees for that property," Mr Cooper reported.

David Wellman, the operator of the Sydney strata management business, reported owners' corporations could well be unaware of the deals done in between their strata managers and Steadfast companies.