Getting strata insurance is one way to meet the legal requirements of every Australian State. While you may settle for the cheapest insurance product, inadequate coverage may be a result.
Protecting the building and common property, body corporate, the building’s tenants, employees, and visitors incorporate overseeing a suitable strata insurance, one of the strata committee’s responsibilities.
To find an apt strata insurance cover, the committee may have to do some homework like talking to the Community Manager. Every building varies from size to the number of residents, identical to the level of cover required.
Based on that, the Manager should contact various insurance experts who will give different quotes for comparison.
A report from CHU, a specialist firm in strata insurance, states that insurance claims happen often. With vandalism, break-ins, floods, storms, fire damage, and legal disputes, CHU has served many, not hundreds but thousands.
If you are worried that the next doorstep could be yours, CHU adds that most of these issues are avoidable. To save you from those costly and common insurance claims, CHU has some tips below:
Table of Contents
Water damage is a frequent residential strata claim, taking up 45% of all disputes. From a burst pipe, overflowing water to roof damage, pointing out the source of leaks can be a challenge. But with state-of-the-art technology, locating the faulty pipe only needs minimal destruction.
Check the following for signs of water damage and flooding risk:
The great weather in Australia is worth talking about. However, it can be very unpleasant at times. Weather events like storms account for 25% of claims yearly. Arming yourself for the stormy weather encompasses:
During storms, keep up with the weather updates while affirming that the tenants and neighbours are prepared and safe from potential danger.
Ensure adequate maintenance, proper cleaning, tidying, and removal of obstructions in crowded areas to prevent accidents. Tending the garden is okay. Nevertheless, ensure you do not damage any infrastructural networks or reticulation as you dig in.
For assurance, contact Dial Before You Dig, a free referral service to prevent any potential damages or visit their website at www.1100.com.au. Always ensure you get professional help for maintenance and installations.
Although uncommon, this type of claim is very costly. Whenever an accident occurs, and you are somewhat responsible, it should cover the cost for:
To prevent costly legal claims, stay alert and watch out for likely safety hazards. Whenever your attention is needed, take action sooner to reduce the risks, and inform your Community Manager or committee member of any concerns.
Having fire safety equipment is essential. But ensuring it is working correctly through regular maintenance is equally vital. Appliances also need servicing, and swift action should be taken whenever there is a wiring or power issue.
Common causes of residential fires include:
Barbeque, garden, and gym items are prone to theft. It is because they are not stored in residential homes and are, therefore, easily accessible. Additionally, claims for broken windows, doors or new locks may result from the forceful entrance.
How to prevent break-ins
Additionally, CHU recommends installing security cameras, intercoms, and motion lights. While they may be overpriced, you will be grateful later. They also foster low insurance premiums.
Stick to the tips above to prevent wild and expensive insurance claims. For any query on your strata insurance, do not hesitate to speak with the appointed Community Manager.
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