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Strata Insurance Renewals

Written by Murray Cameron on . Posted in Insurance.

Strata insurance protects the Owners Corporation against a range of financial risks and is one of the most important responsibilities. And Insurance is one of the Owners Corporation’s most important financial protections. Appropriate insurance helps safeguard the building, common property and the Owners Corporation against a wide range of unforeseen events while meeting legislative requirements.

Insurance arrangements should be reviewed regularly to ensure:

  • The building is adequately insured for replacement value.
  • Public liability cover remains appropriate.
  • Policy limits reflect the current needs of the scheme.
  • Significant improvements or alterations have been disclosed.
  • Claims history has been considered.
  • Renewal dates are monitored to avoid lapses in cover.

Insurance should never be viewed as a “set and forget” exercise. Changes in building values, construction costs, occupancy and legislation may all affect the suitability of existing cover.

Not all strata insurance policy cover is the same there are a few long term insurers who offer superior policy word which has stood the test of time.  

At Strata Real Estate Services, we work with specialist strata insurance brokers to coordinate annual insurance renewals, obtain updated valuations where appropriate, assist committees in understanding their insurance options and ensure renewal decisions are made with clear, accurate information. Our objective is to help every Owners Corporation maintain appropriate protection while obtaining value for money and meeting its legal obligations.

Committee members and owners should review the agency agreement to understand any remuneration, commissions, and fees the strata manager receives for arranging and managing the scheme’s insurance policies.

The information above is provided as general information only and should not be considered financial, insurance or legal advice. Owners Corporations and individual owners should obtain independent professional advice appropriate to their circumstances.