Insurers are becoming increasingly risk-averse in the face of natural disasters, resulting in changes to policy, reduced competition and sharp increases in premiums. The surge in demand for building materials and construction services is driving up maintenance costs, while the rising cost of living sees strata owners desperately seeking avenues to reduce expenses.
A guide to tackling the challenging Strata Insurance market
In recent times, Strata Insurance has been a bone of contention for many Strata Managers and Owners Corporations (OC) across Australia. Non-compliant building materials, property defects, and hardening insurance markets have seen Strata Insurance premiums increase substantially, often with restrictive policy conditions and high excesses imposed. To help your clients
Flood Insurance cover in Strata properties
Monsoonal deluges and the flooding that ensued became a terrible catastrophe for thousands of Townsville residents earlier this year. Severe flooding caused widespread damage to an unprecedented number of properties, including residential strata. In the aftermath of a flood, many depend on their insurance to help recoup losses. Sadly however,
Aluminium Cladding – FAQs for Strata Managers
Since the 2014 Lacrosse building fire in Melbourne, there has been heated debate, publicity and extensive enquiries with respect to non-compliant Aluminium Composite Panels (ACPs) in strata property developments. The notorious Grenfell Tower fire in London, 2017 perpetuated this further, sending authorities and occupants of multi-level buildings into a panicked
The value of using a Strata Insurance Broker
With the online insurance market becoming increasingly popular, the role of an Insurance Broker for things like your vehicle or home may appear less relevant. When it comes to Strata Insurance however, it’s a very different story. With complex legislation and the intricate, highly involved nature of managing Strata Insurance
The problems with running a business from a residential strata property
Running a small business out of a residential strata unit may cause major issues in relation to insurance. Not only can it increase the risk of a public liability claim, but it can also change the property classification from residential strata to commercial strata. A change in property classification almost
Volunteering at your Strata property. Is it worth the risk?
Strata residents often volunteer for odd jobs around their Strata property. However, they also tend to volunteer with the belief that they’re covered for Personal Accident under Strata Insurance if they become injured. Unfortunately this isn’t always the case! Ensure your clients are fully informed of what is covered before
Strata Insurance doesn’t cover items in your storage cage
The rapid rise of apartment-style strata living across Australian cities has coincided with a significant increase in the number of people using storage cages to store their belongings. This trend has come about due to the limited space in many modern apartments. Unfortunately, an increase in the use of storage
Crisis Management Part 3: Careful planning can stop a crisis from turning into a disaster.
Detailed planning and preparation is essential to protect the liability exposure and brand reputation of your Strata Management business in a crisis. Part 3 of our Crisis Management series builds upon Part 2, outlining in detail the crucial elements you need to consider to ensure you have the capability to
Crisis Management Part 2: Preparation is everything
A crisis may occur at any time and can impact your business in a number of ways. Despite many years of good work in building a strong and favourable image in the community, your Strata firm’s reputation can be tarnished quickly if a crisis is not managed effectively. In Part