What are the insurance considerations for strata schemes in high-risk areas (e.g., flood zones, bushfire zones)?

In this article, we will explore the coverage provided by flood insurance policies, debunk misconceptions about flood cover, and provide insights into ... All Owners Corporations of a Strata Scheme insure the building and keep the building insured under a contract of insurance against fire, lightning, explosion ... Strata Insurance provides cover for the common, or shared areas of apartment buildings or townhouse complexes. As well as insuring the building itself, ... 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. cleaning. • insurance. • gardening. • small maintenance jobs. • building insurance. • utility bills for common property. • administrative costs. • strata ... Jan 23, 2025 ... There are many specific requirements for insurance in strata schemes but as a general rule all insurances are taken out by the body corporate. Feb 7, 2024 ... As of this year, there are no major changes to SPA. It still tells us that comprehensive property insurance is mandatory for all strata properties except bare ... Sep 3, 2024 ... The guidance helps Subscribers interpret how these principles apply to the provision of strata insurance products as well as clarifying ... Strata insurance can cover the building and all common or shared property, and contents which belong to the owners' corporation. The type of cover and its cost ... 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 ...