Information from Resolute Property Protect
We understand that many Australian’s are currently facing uncertain times, and potentially a loss of income due to the COVID-19 pandemic. Given this current climate, Owners Corporation may be concerned about their ability to pay insurance renewals. This is where Premium Funding comes in.
Premium Funding payment solutions allow Owners Corporations to pay their insurance renewals over a period, to help ease the burden of financial stress.
What is Premium Funding?
Pay insurance premiums by the month.
Premium Funding Programs are a flexible financial solution designed to enable Owners Corporations to spread the cost of their insurance premium over equal monthly instalments of up to 10 months.
Removing the financial burden of a lump sum insurance payment can help to free up cash flow, so individuals and families can utilise money which would otherwise have been spent on insurance, on essential items and immediate needs.
The benefits of Premium Funding
Owners Corporation Insurance is an absolute necessity; however, the cost of insurance doesn’t need to restrict cash flow or cause unnecessary angst for the Owners Corporation.
Premium Funding payment solutions can be extremely beneficial for several reasons:
How does it work?
Your insurance broker will guide you through the simple process of arranging Premium Funding. Below we have provided a brief explanation on how it works:
The application process is far simpler than a bank loan and requires fewer background checks and credit reports.
It’s also good to know that upon renewal of the strata insurance each year, existing Premium Funding contracts can easily be rolled over, minimising the need for your clients to complete additional applications.