Community Insights

Strata insurance is not just a choice but a legal obligation in New South Wales under the Strata Schemes Management Act 2015. This legislation mandates that strata communities must secure and uphold sufficient insurance coverage for their buildings, common property, and public liability. Failure to comply not only violates the law but also exposes property owners to significant risks. Additionally, owners with mortgages may find themselves in breach of their loan agreements w

Construction costs have sky rocketed in recent years and a critical aspect often overlooked is the accurate assessment of property valuations, especially concerning insurance coverage. In this article, we delve into the statutory obligations, risks of under valuation, compliance requirements, and the role of professional valuation services in safeguarding strata communities. Statutory Duty and Financial Obligations Under the Strata Schemes Management Act 2015 (NSW), owners wi

Strata living brings the benefit of shared responsibilities, especially when it comes to insurance. Strata owners often assume that their property is comprehensively covered under Strata Insurance. While it's true that Strata Insurance protects shared spaces, this assumption can lead to a misconception. Not everything is covered. This article aims to dispel the confusion surrounding Strata Insurance, Home Contents Insurance, and Landlord Insurance, enlightening strata owners