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New Year’s resolutions for strata

Fireworks purple backgroundYou may have made your personal New Year’s Resolutions by now but what about some New Year’s resolutions for your strata property? You may have made your personal New Year’s Resolutions by now but what about some New Year’s resolutions for your strata property?

Here’s a check list to help ensure your body corporate/owners corporation is adequately protected in 2019: 

  • Valuations 
    Discuss the adequacy of the building insurance sums insured. When was the property last reviewed with a qualified valuer? 
  • Review insurance covers and options
    Do a stocktake to ensure all the necessary insurance covers in place. CHU offers - as part of the Residential and Commercial Insurance Plan, cover for Property, Liability, Voluntary Workers, Fidelity guarantee, Office bearers’ legal liability, Machinery breakdown, Catastrophe insurance, Government audit costs and legal expenses and Lot owners’ fixture and improvements.  
  • Safety checks and inspections
    • Has a Fire Safety inspection been completed in the last 12 months.
    • If the building was built/refurbished after 1995 and is over three stories, has the strata building been checked to identify there are Aluminium Composite Panels (ACP) as part of the construction of their Strata? For more information regarding ACP go here 
    • For NSW strata properties, does your customer’s property comply with the window safety devices requirements? For more information go to the OFT website 
  • Risk mitigation 
    Are there any risk mitigation steps in place that the insurer may not be aware of that could improve the cover and premium offered. This may include:
    • Sprinkler systems including location i.e. carpark only or all floors and/or external drenches
    • Fire management plan- Hot work controls
    • Electrical installation and maintenance programs, including thermographic imaging;
    • Housekeeping practices, including not storing combustibles against the outside of the building
    • Regular building inspections and prompt repair of damaged insulation panels
    • When cutting holes in panels for services ensuring the exposed EPS is ‘sheathed’ or a collar is fitted
    • Review of site and premises security
  • The Internet of Things (IoT) devices 
    Additional protection and risk mitigation is now easily accessible using IoT devices. Has your customer considered some of the following to protect their strata?
    •  Smart smoke and carbon monoxide detectors
    • Wireless doorbell cameras
    • Automatic lighting
    • Smart water shut-off values
    • Smart outlets/plugs
    • Smart thermostats
    • Water and/or mould-monitoring sensors
    • Smart window blinds?
  • Does your customer have contents or landlords insurance?
    Residential and commercial strata insurance only provides general insurance cover for the building, common area contents and shared property. The cover provided by the strata building policy ends when you cross the threshold of an individual property or lot. 
    A separate contents insurance policy is required to protect a lot owners personal possessions. Why choose CHU’s Contents Insurance for Strata? 
    For investors, landlords insurance covers not only the owner’s contents in a unit they let, but also coverage for:
    • loss of rent as a result of damage 
    • departure of the tenant 
    • default by the tenant
    • legal expenses
    • public liability
    • government audit costs 

And of course, the premium is tax deductible for investors. Why choose CHU’s Landlords Insurance for Strata 

For more information speak to your local CHU office on 1300 263

CHU is one of Australia’s leading strata insurance specialists, with over 40 years’ experience.

Important note
Insurance issued by QBE Insurance (Australia) Limited ABN 78 003 191 035 and distributed by CHU Underwriting Agencies Pty Ltd ABN 18 001 580 070 AFSL 243261. Any advice in this document is general in nature and does not take account of your personal objectives, financial situation and needs. Read the relevant Product Disclosure Statement before acquiring any products mentioned.