Valuation
Allow for demolition, professional fees, statutory upgrades and catastrophe-related cost escalation.
COMMERCIAL INSURANCE SOLUTION
Strata insurance
A useful strata renewal compares more than premium. We help owners corporations and strata managers present the building clearly and understand material differences in cover.
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WHO IT MAY SUIT
Owners corporations, strata committees, strata managers and residential or mixed-use schemes.
Building value is central, but construction, occupancy, defects, maintenance, claims and catastrophe exposure also influence insurer appetite and terms.
WHAT WE REVIEW
- 01Current building valuation
- 02Construction, age and occupancy
- 03Claims history and current reserves
- 04Defects, cladding and maintenance
- 05Machinery, lifts and common assets
- 06Catastrophe, liability and office bearers
PRACTICAL COVER REVIEW
Clear building information supports a clearer market comparison.
Insurers need confidence in the valuation, condition and management of the scheme. Known defects and remediation plans should be presented with supporting evidence.
Condition
Provide engineering reports, maintenance records and realistic timeframes for remedial work.
Claims
Separate one-off losses from recurring issues and explain completed risk improvements.
WHY THE DETAILS MATTER
Committees need a comparison they can actually use.
Compare excesses and sublimits
Water damage, storm, flood, machinery, lot-owner fixtures and other sections can carry different excesses or limits. The total premium is not the full comparison.
Explain commercial occupancy
Restaurants, licensed premises, short-term accommodation, shops and other commercial uses can materially alter insurer appetite in a mixed-use scheme.
Address defects openly
Known defects, cladding, waterproofing, fire-safety issues and outstanding maintenance should be disclosed. Reports and funded remediation plans can help insurers assess the risk.
Keep claims and renewal decisions connected
Recurring claims can signal maintenance or design issues. A coordinated approach helps the committee understand insurer requirements and improvement priorities.
Cover is subject to insurer acceptance, the policy schedule, applicable policy wording or Product Disclosure Statement, limits, conditions and exclusions. This information is general and does not take into account your objectives, financial situation or needs.
COMMON QUESTIONS
Questions about strata insurance.
These answers are general. The quotation, schedule and policy wording determine the cover offered.
Why is a current strata valuation important?
The insured value should reflect reinstatement costs and relevant allowances, not the property's sale value. Valuations also support committee decision-making and insurer submissions.
Can a building with defects obtain cover?
Sometimes, but terms depend on the defect, severity, reports, remediation plan and insurer appetite. Restrictions, higher excesses or exclusions may apply.
Does strata insurance cover lot owners' contents?
Generally, personal contents and some internal items remain the lot owner's responsibility. Boundaries vary, so owners should consider their own contents and liability cover.
What information helps at renewal?
A valuation, claims history, occupancy schedule, building details, defect reports, maintenance updates and details of any commercial activities are commonly required.
CONNECTED COVER
Look beyond one policy.
We consider how this cover interacts with the rest of your insurance program.
A CONSIDERED REVIEW
Give the committee a stronger renewal comparison.
Send the current schedule, valuation, claims history and building information. We can identify what else the market is likely to require.
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