This response to a lot owner's question about who pays the excess on a body Corporate insurance claim has been supplied by Tyrone Shandiman, Strata Insurance Solutions.Question: I’ve had a pipe leak in the bathroom leaving extensive damage that was covered by Body Corporate insurance. Who pays the water damage excess?GET THE LATEST STRATA NEWS / ARTICLES DIRECT TO YOUR … [Read more...]
All National articles about Insurance in Strata Apartments published to our blog
WA Insurance Terms with the Upcoming Strata Reforms
This article discusses the changes to WA insurance terms with the upcoming WA Strata Reforms. The article has been provided by Leonie Milonas, PSC Property Lync Insurance Brokers.Strata Titles Amendment Act 2018 (STAA 2018) has changed many terms and this includes the sections relating to insurance. In this article, I will be highlighting some of the new terminology we can … [Read more...]
WA: Q&A Is Mould in Apartment After a Cyclone Covered by Insurance?
These questions about whether mould is covered by insurance in a strata property have been answered by Leonie Milonas, PSC Property Lync Insurance Brokers. Question: After Cyclone Veronica, units in our complex now have mould. Is mould covered by insurance or would this be a lot owner problem? GET THE LATEST STRATA NEWS / ARTICLES DIRECT TO YOUR INBOX HEREWe have an … [Read more...]
NAT: Flood Insurance Cover in Residential Strata properties. Are you Covered?
This article about flood insurance in residential strata has been supplied by Whitbread Insurance Brokers. 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 … [Read more...]
VIC: Do We Really Need Mechanical Breakdown Insurance?
This question about mechanical breakdown insurance for a strata scheme in Victoria has been answered by Simon Plummer, StrataRatings.Question: Although we don't have any lifts or elevators just an electronic gate, we have been told we need mechanical breakdown insurance as part of our policy renewal.GET THE LATEST STRATA NEWS / ARTICLES DIRECT TO YOUR INBOX HEREWe … [Read more...]
NAT: Not satisfied with a Strata claim outcome? There are options to take it further
This article about claims escalation and the strata claim outcome has been supplied by Renee Cassidy, Whitbread Insurance Brokers. Receiving a Letter of Denial for an insurance claim isn’t a particularly welcome outcome, especially if you feel the insurance claim should have been covered under the policy. Before tearing your hair out, however, take comfort from the fact that … [Read more...]
NSW: Owners Corporations, Common Property Repairs and Insurance – A Tricky Relationship
This article discussing Property Repairs has been provided by Warwick van Ede, JS Mueller & Co.Introduction Owners corporations are not uncommonly faced with the need to repair common property. Cracked walls and failing waterproof membranes are two of the common issues which owners corporations have to deal with. Particular difficulties may arise where, if the owners … [Read more...]
WA: Maintenance Planning and Insurance: The Strata Titles Amendment Act 2018 (STAA 2018)
This article discusses Maintenance Planning and Insurance under the upcoming WA Strata Reforms. Maintenance and insurance seem to go hand in hand, as one affects the other. The article has been provided by Leonie Milonas, PSC Property Lync Insurance Brokers and David Chokolich, HFM Asset Management.Maintenance Planning – What is it?One of the functions of a strata … [Read more...]
QLD: Q&A Common Property Garden Improvements and BC Indemnity
A Qld lot owner is concerned about the liability of the Body Corporate for lot owner (garden) improvements on common property. Todd Garsden, Hynes Legal provides the following response. Question: Some residents have created a garden on common property. If someone gets injured in the garden, who is responsible? GET THE LATEST STRATA NEWS / ARTICLES DIRECT TO YOUR INBOX … [Read more...]
QLD: Renewing Strata Insurance Increases
This article about renewing your strata insurance has been supplied by Wayne Stevens, UOAQ President. Check The Actual Annual Increase Before Renewing Your Strata Insurance We would all be aware of the ‘At Least Every 5 Years Rule’ for insurance valuations. These independent valuations are compulsory and provide a reliable basis for establishing the Building Sum Insured (BSI) … [Read more...]
