Construction and Maintenance Costs Set to Rise
Construction costs are rising. Shortages of building materials and labour have increased the price of national residential construction by 7.3 per cent over the past year, the highest annual growth rate in more than 16 years. Corelogic research director Tim Lawless said the surge in construction pricing had been uniformly driven by an inability to […]
Honan: Controversial Decision on Property Damage Claims: Implications for Landlords & Property Managers
A landlord takes out an insurance policy on their rental home assuming they will be covered in the event a tenant causes damage to their property. In most instances this is the case; if a tenant physically punches a hole in the property wall, it is considered an intentional act to cause damage. But what happens […]
Strata Community Insurance: What To Do When Your Building Has Been Inundated With Water
Strata Community Insurance have created a simple 4 step process to help in this situation. 1. ENSURE THE SITE IS SAFE Electrical – If any water has gone over electrical boxes, power outlets, or any other switches, you will need an electrician. In most modern buildings, the wiring is insulated and will not require replacement. However, […]
CHU – Sewage Leak in a High-Rise: Who Pays for the Clean Up?
Last week we watched another predicament unfold in one of Sydney’s new apartment blocks – this time in Parramatta’s high-rise Altitude building. After a blocked pipe caused major flooding in at least 4 units, the affected residents have not only lost all their contents to sewage damage but some have also been hit with emergency […]
Honan: Strata & Flood Insurance – What Does it Cover & Do You Need it?
Of the many covers available in the strata insurance marketplace, flood insurance is one I find myself answering queries about almost every day, particularly after a day of heavy rain. With wild weather sweeping across the country in recent times (and the likelihood of future weather events occurring), it’s vitally important that strata managers and […]
Honan: Strata Public Liability Cover – FAQs & Top Tips
“Are we covered? And for what?” These have become the most commonly asked questions from Lot Owners, Committee Members and Strata Managers following an incident in a common area resulting in an injury, or damaged personal belongings. It is relatively well known that Public Liability (PL) cover is a mandatory requirement for a Strata […]
What Does the ACCC’s Final Report Into Insurance in Northern Australia Mean for Strata?
This article is about the ACCC’s final report into insurance in Northern Australia and what it means for strata. The ACCC released their final report on insurance in Northern Australia late last year as the conclusion of a three-year inquiry. The final report delivered 38 recommendations across 592 pages, however, there were a handful that were highly […]
Is Your Body Corporate Prepared For Bushfire Season?
As apartment living becomes increasingly the norm and bushfire seasons get longer and more intense, strata residents must become accustomed to the fact that bushfires do not just threaten regional properties but can easily a bear down on heavily populated suburbia. Ember attacks can occur kilometres ahead of where a fire originates or where a […]