How is climate change affecting strata insurance?

150 (1) The strata corporation must obtain and maintain liability insurance to insure the strata corporation against liability for property damage and bodily ... Dec 6, 2022 ... Under strata or body corporate management legislation in those States, an owners' corporation is excluded from the operation of the Corporations ... Feb 18, 2024 ... Strata will have a building insurance policy which will cover things like damage to the structural building, common property areas etc. You ... Oct 27, 2022 ... Covers against any claim for compensation or expenses that you become legally liable to pay for such as personal Injury or property damage, ... The higher deductibles will affect you in two ways: 1. Your strata will no longer be able to make claims that would have been covered under your previous ... Dec 16, 2024 ... This guide outlines essential changes in how SCA members disclose strata insurance practices. At Vantage Strata, we're proud to follow this guide. Strata insurance in NSW is designed to protect the owners corporation of a strata title property. Strata building insurance covers common or shared property ... We cover you for damages to the building, its contents, loss of rent and various owners' liabilities that you have. Strata insurance covers the common areas and shared facilities of your building, while building insurance covers the structure of the buildings and your ... With insurance rates for condos and townhouses climbing 50 to 300 percent – and in one case nearly 800 percent – condo and townhouse owners in BC are worried.