Factsheet: Strata Insurance

• Terrorism Insurance Act: Strata Insurance Levy Changes Jun 2017 - From July 1, 2017, some residential Strata Insurance policies will experience significant total premium changes as a result of amendments
• Flood Insurance Cover in Residential Strata properties May 2017 - In the aftermath of a flood, many depend on their insurance to help recoup their losses, however more often than
• It’s time to budget for insurance premium increases Apr 2017 - Clients affected most by insurance premium increases are smaller strata properties with less than 15 units and properties that have
• Strata Managers can now add Public Liability & Management Liability to their Professional Indemnity insurance program Mar 2017 - In an increasingly litigious environment, it is prudent for strata mangers to consider a Professional Indemnity policy combined with Public
• Fraud Alert – QLD Strata Manager’s Alleged $750,000 Fraud Oct 2016 - Strata insurers are now starting to receive embezzlement claims, following a recent case where a director of a strata management
• Volunteering at your Strata property. Is it worth the risk? Sep 2016 - This article will help ensure you’re fully informed of what is covered - including Personal Accident cover - before volunteering
• Delivering value to over 500 Strata Managers across Australia Jul 2016 - Key take-outs: the critical role of the valuer, as incorrect Strata Insurance valuation & underinsurance may lead to exposure to
• Wild Weather – Emergency ‘Sinking Funds’ a Must Have for all Waterfront Apartments and Unit Buildings Jun 2016 - This article about emergency sinking funds has been supplied and written by Stephen Raff, CEO of Ace Body Corporate Management.

Strata Insurance doesn’t cover items in your storage cage…

Whitbread Insurance Brokers
May 2016: Make sure all contents kept in your storage cage are covered. We have clarified some common myths to help ensure you have the right insurance protection for your valuables.

Does my strata insurance cover me for everything?

Tyrone Shandiman, Strata Insurance Solutions
Mar 2016: The short answer is no. It is a common misconception that unit owners only need a strata insurance policy to cover their insurance needs.

“Secret” Strata Insurance Commissions?

LookUpStrata
Mar 2016: It is accepted by all right-thinking owners that the payment of insurance commissions to professional managers does not cost unit owners more.

Concrete Cancer Epidemic – Don’t bury your head in the Sand

Tyrone Shandiman, Strata Insurance Specialist
Nov 2015: Providing unit owners with insight into how concrete cancer is handled from an insurance perspective and a warning to bodies corporate not to bury their heads in the sand.

When it Comes to our Strata Insurance, do we Need Legal Protection Insurance in Australia?

Melanie Fama, Whitbread Insurance Brokers
Oct 2015: Legal Protection Insurance in Australia: Can a body corporate use the provided Legal protection in their policy to challenge their Insurance’s point of view in Court?

A Guide to Contents Insurance for Strata Properties

Whitbread Insurance Brokers
Oct 2015: Living in what insurers call a “strata title unit”, Contents Insurance for Strata Properties is still a necessity in order to to protect yourself from loss and / or damage to your possessions.

Office Bearers Liability – An option or a must have?

Lia De Sousa, Whitbread Insurance Brokers
Oct 2015: Office Bearers Insurance is an important cover designed to provide protection to the Owners Corporation committee members against losses arising from alleged wrongful acts committed in the course of carrying out their duties as a committee.

Letters of Demand – Don’t sweep it under the carpet

Renee Cassidy, Whitbread Insurance Brokers
Oct 2015: When it comes to letters of demand, take it from us – no matter how far-fetched the claim seems, whether you believe it happened or not, never ignore it!

Check your tradie has the right tools for the job – insurance tools that is!

Whitbread Insurance Brokers
May 2014: Even though the ‘tradie’ you engage to carry out works on behalf of the Owners Corporation may turn up with the right tools and skills for the job, your responsibility is to check they have the right insurance cover.

• Strata Insurance Questions: Garages Used to Store Unknown Items Nov 2016 - Question: 2 owners are allowing their garages to be used for storage and collection of unknown items for a friend's
• Q&A Insuring Properties that are Not Compliant with Building Codes Mar 2016 - We were recently contacted by a Strata Professional with the following question about a non compliant building. Tyrone Shandiman, Strata

Burst Water Pipe – which insurer do I lodge a claim with?

LookUpStrata
Sep 2015: Strata insurance FAQs – We recently received a question from one of our subscribers confused about who to lodge an insurance claim through for damage caused by a burst water pipe.

• NSW: Q&A Does unit owners insurance cover damage from leaking pipe? Jun 2017 - Question: Is the repair of damage from a leaking tap in the wall cavity covered by the unit owners insurance?
• NSW: Fire and Emergency Services Levy Deferred Indefinitely Jun 2017 - On Tuesday 30th of May, the NSW Government announced the indefinite deferral of the introduction of the Fire & Emergency
• NSW Emergency Services Levy change … a fairer system for strata owners Apr 2017 - On 29 March 2017, the NSW Government passed the new Fire and Emergency Services Levy Bill 2017. This long overdue
• Strata Law Reform in NSW: Insurance Dec 2016 - It is vital that Strata Managers comply with the changes affecting Strata Insurance. To assist you in understanding your obligations
• Does your NSW strata building need a valuation for insurance purposes? PODCAST Oct 2016 - When it comes to NSW strata insurance requirements, what should you be doing to ensure you are meeting your legal

Is Home Owners Warranty Insurance Needed For Repair Work?

Allison Benson, Kerin Benson Lawyers
May 2016: I am often asked whether repairs need home owners warranty (HOW) insurance under the Home Building Act 1989 (NSW). The simple answer is yes, if the value of the work is over $20,000.

Managing agents – Professional Indemnity Insurance Required

David Bannerman and Mark Pollinger, Bannermans Lawyers
Dec 2015: The Property, Stock and Business Agents Amendment (Professional Indemnity Insurance) Regulation 2012 commenced on 1 January 2013.

Is Your Building Adequately Insured?

Paul Mulligan, Find Our Home
Nov 2015: With the current property market, particularly in Sydney, it is worth investing in a current insurance valuation for your building.

Be aware of your statutory obligations when selling your property or carrying out DIY building works

Pierrette Khoury, Turnbull Bowles Lawyers
Oct 2015: If you are carrying out renovation work, the Home Building Act 1989 requires that you obtain Home Warranty Insurance where the value of work exceeds $20,000.

• NSW: Q&A What does public liability insurance include? Feb 2017 - Question: What does public liability insurance include? Who pays the excess when a claim is made under public liability insurance

What can a lot owner do if the body corporate fails to insure as required by the Strata Titles Act?

Department of Primary Industries, Parks, Water & Environment: Land, Property and Titles

• QLD: Exclusive – Insurance Valuations have a ‘Use-By-Date’ Aug 2016 - Strata Insurance QLD: Generally, a new insurance valuation stating the full replacement value of your building must be obtained at
• Strata Insurance: Testing the Broader Market Jun 2016 - This article about strata insurance quotes has been supplied by Wayne Stevens (UOAQ President) Unit Owners Association of Queensland (UOAQ).

The Unit Owners’ Stairway to Insurers’ Heaven

Wayne Stevens (UOAQ President), Unit Owners Association of Queensland (UOAQ)
Feb 2016: Strata insurance in QLD is compulsory, and mostly about insuring the full replacement value for the entire building. Learn about avoiding the pitfalls here.

How often should you get an Insurance Rebuild Valuation?

Tyrone Shandiman, Strata Insurance Solutions
Dec 2015: An insurance rebuild valuation is a report by a qualified quantity surveyor with their professional opinion on how much the property should be insured for.

• QLD: Q&A Commercial Strata Insurance – What Does it Cover? Nov 2016 - Question: We own two commercial strata investment lots in SE Qld. Our contributions notice has an amount for strata insurance.

Q&As NSW & QLD: Children, Commercial Strata Parking Regulations & Strata Insurance

LookUpStrata + Andrew Jakes, Ace Body Corporate Management + Jan Browne, Ian McNamee & Partners + Whitbread Insurance Brokers
Mar 2016: Some great strata questions about children on common property, commercial strata regulations concerning parking and a strata insurance question!

Owners Corporation Reinstatement and Replacement Insurance – What Should it Cover?

Nicole Wilde, Tisher Liner FC Law
Oct 2015: The Owners Corporation Act 2006 (VIC) provides that an Owners Corporation must take out reinstatement and replacement insurance for all buildings on the common property.

• VIC: Q&A Running a Business in Residential Strata & the Impact on Insurance Oct 2016 - Home Business in Strata: We have an owner/occupier who runs her business from her unit. Does this affect the owners

• ACT: Q&A Strata Insurance Excess Greater than the Cost of the Repair May 2017 - Question: We are unable to make a claim for a water leak in our apartment from either our contents or