News & insights

05 February 2024

Insurance

Recent events such as the floods in 2022 combined with the increased growth of new developments within the Strata Community, have lead to dynamic change within the Strata Insurance arena.

Strata Insurance is currently experiencing record increases in premiums ranging from 20% to 50% with premiums only projected to rise over the next 2 years.

With this drastic change, you might be wondering “How can my community best prepare for the insurance arena”?

There are two major methods that can be used to best prepare:

  • Ensure that you budget a practical amount for the insurance when you Annual General Meeting is coming up.
  • Ensure that proactive measures are being undertaken to maintain your property and prevent potential future defects. You may also wish to liaise directly with you insurer regarding any potential items of concern to prevent detrimental insurance implications.

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