Residential strata premiums have risen sharply since the start of the year, in some extreme cases by 25-40%. CIA Head of Strata Arthur Tsoukatos says last year's floods and increasing building materials costs have added to the existing "stress factors" that are effecting the strata line. These stress factors are mainly caused by defects like non-compliant cladding, faulty waterproofing works, and other quality-related issues. Because of this, Tsoukatos recommends that the owners corporations budget for a 20% increase for the future. Insurance brokers can also help by working closely with insurers, and with the body corporate manager to get those defects rectified. Contact CIA 1300 466 787 or 1300 4 INSURANCE to find out more. #heretohelp To see the full article https://lnkd.in/ghPjHWka #stratamanagement #strata #insurancenews #insurancepolicy
