Question: Our insurance has doubled over the past 12 months. We have a green board cladding, which has been certified as safe, on our buildings. Is there some sort of lobby group tackling this?
All National articles about Insurance in Strata Apartments published to our blog
Question: How does owners corporation insurance in Victoria work? What is building sum insured? Would insurance cover our building if several units burn to the ground and we discover we are underinsured by 1 million?
Question: Is there a requirement to have a proper Strata product in all states or what are the strata title insurance requirements around Australia? Or can lot owners just take out a Domestic home product?
Question: I’ve been involved in a confusing situation where a sub let (Airbnb) neighbouring apartment caused flooding, which caused water damage to my goods. Should the landlord have short term rental insurance cover?
In this article, we look into some of the general questions owners may have surrounding insurance commissions within the owners corporation industry in Victoria. In particular, we discuss what managers should be doing to establish and maintain open and transparent disclosure with owners.
Question: If an exclusive use lot holder performs improvements to exclusive use areas that do not meet required safety standards or building codes etc, is strata liable?
Question: I’ve heard there is only one company in WA that will insure Survey Strata groups of units? Is this correct?
Question: The insurance company said our home was part of a Strata scheme and should be insured by the Strata. I have no idea which way to proceed with this problem.
Question: Qualified non-committee lot owners have come forward to offer assistance and advice. We have been advised these owners are not covered by our office bearers liability policies. How can we fix this?
What building sum insured do you require? As part of appropriate due diligence, Bodies Corporate should take the time to review the adequacy of their sums insured when their insurance policy renews.