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

In some instances, particularly in a macro environment where cost of living pressures continue to rise, an owners corporation may inevitabilty encounter a daunting situation where it runs out of funds to cover necessary operating expenses or significant annual expeneses such as insurance premium. To avoid lights going out, rubbish piling up or breaching the Strata Schemes Management Act, here are some of the options to restore financial stability for your community. Dip into