Is strata insurance mandatory?

AAMI Strata Insurance offers cover for strata titled buildings with common property(such as apartments and townhouses) for incidents such as break-ins and ... Feb 27, 2025 ... Every strata scheme must set a budget each year. This budget should include an estimate of expenses for the year ahead, to help you work out the levies that ... Sep 7, 2021 ... The SCA Strata Insurance Taskforce brings together the strata management, insurance and broking industries with representation from across ... Jul 5, 2023 ... ... insurance coverage. Trowbridge strata review. John Trowbridge released the final report in his independent review of strata insurance in May. i The growing construction costs have led to an increase in the insured values of B.C. strata buildings (i.e., the replacement and repair costs that insurers ... The strata corporation must have public liability insurance for an amount specified in the regulations, currently at least $10 million [s 31, reg 14]. Fidelity ... 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. Aug 29, 2024 ... Marsh McLennan is the leader in risk, strategy and people, helping clients navigate a dynamic environment through four global businesses. It typically covers common areas like hallways, gardens, roofs, and shared facilities. The insurance provides financial protection against damage, theft, or ... All Owners Corporations of a Strata Scheme insure the building and keep the building insured under a contract of insurance against fire, lightning, explosion ...