Strata insurance premiums continue to rise at an alarming rate, creating headaches for owners and strata managers – especially where combustible cladding is concerned.
This increase is further compounded for buildings with combustible cladding or outstanding defects. Deemed as ‘high hazard’ properties with ‘limited options’ available for insurance, premium increases are both volatile and unpredictable. This uncertain outlook prompted Honan to state “… we may need to explore international insurance markets where premium increases of over 100% are common.”
The Insurer has made clear recommendations to the sector.
“This means it is essential for strata managers and owners to work closely with their insurance broker, taking a proactive approach to address any existing issues and providing regular and detailed updates to help secure local coverage.”
Paynter Dixon is recognised as a tier 1 service provider for remedial building services. The Remedial division works closely with strata managers, building owners and owners corporations to create compliant solutions for impacted buildings.
Learn more about Paynter Dixon’s specialist remedial services for strata clients.
Tim Kurniadi, Sector Lead – Remedial
1 F23 Q4 Market Update, 1 August 2023