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 Getting strata insurance is one way to meet the legal requirements of each Australian state. While you may settle for the cheapest insurance product, inadequate coverage may result.

Protecting the building and the commons, corporations, tenants, employees and visitors to the building include overseeing appropriate strata insurance , one of the responsibilities of the strata committee.

Finding apt strata insurance coverage may require the committee to do some homework, such as talking to the community manager. Each building varies from size to number of inhabitants, identical to the level of coverage required.

Based on this, the manager should contact various insurance adjusters who will give different quotes for comparison.

A report from the CHU, a firm specializing in strata insurance, indicates that insurance claims are frequent. With vandalism, break-ins, floods, storms, fires and legal disputes, the CHU has served many, not hundreds but thousands.

If you're worried that the next door is yours, CHU adds that most of these problems are preventable. To help you avoid these costly and common insurance claims, CHU has some tips below:

Leaks and water damage

Water damage is a common claim for residential diapers, accounting for 45% of all disputes. Whether it's a burst pipe, overflowing water, or damaged roof, it can be difficult to pinpoint the source of leaks. But with advanced technology, locating the faulty pipe requires minimal destruction.

Check the following for signs of water damage and flood risk:

  • On the Flexi hose clamp, confirm the warranty expiration date. Also check if they are intact on all collective and personal appliances requiring plumbing such as washing machines, dishwashers and water filters.
  • The roof and gutters require regular cleaning and maintenance while watching for damaged tiles, barriers or blockages.
  • Do not overlook abnormally high water loads or pressure changes. The walls could be hiding a leak, or the garden reticulation could be faulty.
  • Examine the walls and ceilings for blisters, water spots or marks.
  • Don't leave a dripping faucet unattended, especially when filling the sink or tub.
  • Be sure to leave the house with the faucet turned off if you are going out for long hours.
Extreme weather conditions (storms and floods)

The good weather in Australia is worth mentioning. However, it can sometimes be very unpleasant. Weather events such as storms account for 25% of annual claims. Gearing up for stormy weather includes:

  • Keep all devices and their contents away from areas prone to flooding.
  • Prune overgrown trees and branches.
  • Ensure that gutters and balconies are regularly cleared to evacuate rainwater.

During storms, follow weather updates while affirming that tenants and neighbors are prepared and safe from potential hazards.

Accidental damage

Ensure proper maintenance, cleaning, storage and removal of obstructions in crowded areas to prevent accidents. Taking care of the garden is good. However, be careful not to damage infrastructure networks or reticulation when digging.

For more assurance, contact Dial Before You Dig, a free referral service to prevent potential damage or visit their website at www.1100.com.au. Always be sure to get professional help with maintenance and installations.

Legal liability

Although rare, this type of claim is very costly. Whenever an accident occurs, and you are somewhat at fault for it, it should cover the costs of:

  • Damage to individual property, including merchants, in common areas.
  • Injury or death due to negligence or loss of earnings resulting from the injury.
  • Wrongdoing, including clerical errors or breach of duty by a building official such as the president, secretary, or treasurer.

To avoid costly legal claims, stay alert and watch out for likely security risks. Whenever your attention is required, take action sooner to reduce risk and notify your community manager or committee member of any concerns.

fire damage

Having fire safety equipment is essential. But ensuring it's working properly through regular maintenance is just as essential. Appliances also need maintenance, and prompt action should be taken whenever there is a wiring or power issue.

Common causes of home fires include:

  • Faulty wires or old appliances contribute to electrical and mechanical fires like clothes dryers.
  • Dirty clothes dryer and washing machine with lint filters.
  • Hot plates, fryers and overheated pans are the cause of most kitchen fires.
  • Leave candles or incense burners unattended.
  • Cigarettes on terraces, balconies, and even indoors.
Theft, vandalism and malicious damage

Barbecue, garden and gym items are subject to theft. This is because they are not stored in dwelling houses and are therefore easily accessible. Additionally, claims for broken windows, doors, or new locks can result from forced entry.

How to avoid break-ins

  • Familiarize yourself with other people in the building to quickly spot strangers.
  • Every time you spot a new face, find out why they are on the property.
  • Smart locks can be useful for common areas like the garage and gyms.
  • Never leave doors open during deliveries or moves.

In addition, the CHU recommends installing security cameras, intercoms and motion lights. Although they may be overpriced, you'll be grateful for that later. They also promote low insurance premiums.

Conclusion

Stick to the tips above to avoid wild and costly insurance claims. If you have any questions about your strata insurance, please contact the designated Community Manager.

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