Elias is a Registered Builder and Glen is a Structural Engineer, together we talk about a few important defect and water ingress issues in strata. Elias and Glen detail the types of defects, whether these are different for age or a particular type of scheme using a few examples. We then discuss what should an owner do if they believe they have a defect, specifically whether it should be a building warranty claim or general maintenance.

More and more we are seeing catastrophes are occurring in around the world and Australia, Floods, Storm, Fire and Earthquakes. This is a strong reminder about the importance of adequate insurance cover in case of partial damage or complete devastation to your Strata Scheme. Have a listen to hear a few experts chat about the what, how and why of insurance valuations. If you dont have a listen there here are some top tips! Always seek advice from a suitably qualified professional. Draft instructions to the valuer based on your specific requirements Ensure you flag buildings not noted on the strata plan such as un-approved structures completed after the Strata Plan Provide as much information to the Valuer about the complex as possible (extensions, alterations, asbestos register, etc.) If there are issues identified, seek further advice from the relevant professionals (ie. Planning, legal, etc)  Ensure Valuations are undertaken every 3 years. Insurers will index annually but suggest every 3 years to validate. If your property is a new build always obtain a new valuation. Obtain from an independent source, the builder's wholesale ext GST build cost is insufficient to use as your Building Sum insured. 

Today I chat with Con Iconomidis, Director of Customer & Distribution & Natalie James, Underwriter, Strata Community Insurance We will cover the following & more! What drives your insurance premium? Global performance influences the flow of capital, and the cost and availability of insurers in Australia. Simply put - in good times, capital is attracted to the market, availability is abundant, and prices are cheaper. In the not-so-good times, capital is eroded, and it’s hard to attract more capital into the sector, resulting in tight availability, cost increases, whether an insurer will quote a risk, and if so on what terms. Claims costs are predicted by the number and value of claims across an insurer’s portfolio. Average cost assumptions are built into the pricing, they also take into account claims inflation, different to CPI, claims inflation is driven largely by the cost of building materials and labour, and supply and demand factors. Taxes, duties and levies, yes let's not forget these, on top of the insurer's base premium are various forms of government taxes; terrorism levy, ESL/FSL, GST, stamp duty, these vary depending on the product and which state or territory you are in. So remember when premiums rise, so will tax and if you’re taking out a strata insurance policy in Australia as a strata community, then a big chunk, more than a quarter (27.45%) of what you pay on average goes to government taxes, stamp duties and levies. Individual building characteristics Building quality and condition is a major factor influencing whether an insurer will accept a risk, and if so on what terms. Insurers look at your building’s overall design, resilience (materials, standards, quality), whether it is well maintained, heritage, clad, asbestos, regional, floodzone and overall claims performance. They avoid buildings where the quality and upkeep are poor, so if you want good terms then ensure your building is well designed, well maintained, documented and frivolous claims are avoided. Handy Tips to Simplify Your Strata Claim https://stratacommunityinsure.com.au/handy-tips-to-simplify-strata-claims/

Join me, Elizabeth Florence, Abode Strata as I chat with Town Team Movements Jimmy Murphy & Dean Cracknell & fellow strata manager David Elliott from Smithwick Strata on how to Create Community. Town Team Movements is building a movement of positive ‘doers’, enabling local communities and governments to connect, organise and act to regenerate the fabric of their neighbourhoods and create better places that Inspire, support & connect people. You can find out more; Placemaking in just 12 minutes in this free online course - https://www.placemaking.education/p/placemaking-in-12-minutes Town Team Movement https://www.townteammovement.com/  where you can join the hub for free & access community resources An Introduction to Placemaking - Abridged Version https://www.placemaking.education/p/introduction-to-placemaking-abridged An Introduction to Placemaking https://www.placemaking.education/p/introduction-to-placemaking

Listen in as we chat about Strata Insurance the Product. Previously we discussed how a strata company is a not for profit, unlimited liability legal entity, therefore financially responsible (on behalf of all lot owners), for all the assets such as the building and the land, and all liabilities it may have. Owners in Strata Companies need to be aware that there is no cap on these liabilities, they are exposed to any net liabilities of the strata company up to the full extent of their net wealth (not just what you invested into the property). And like all legal entities, a strata company can sue and be sued. It’s important to “get involved” protect your asset, your wealth and understand not all insurance products are created equal.

With the recent catastrophes battling our nation, it's a good time to dig deep and understand your Strata Insurance cover. In this first episode of a series on Strata Insurance, I chat with Strata Community Insurance's Paul Keating Managing Director & Con Iconomidis Director of Customer & Distribution as we delve into the details of The Insurance policy. What is Strata Insurance? Whose responsibility is it to insure? Where does it say this? What do I own? What do I insure? Underinsurance at what or whose cost? Listen in, Learn a Little or Learn a Lot – StratChat, helping you create your own thriving Strata Community. In later episodes, we chat in detail about the Strata Insurance Policy, Insurance Claims & Insurance Building Replacement Valuations. Important note- This information is general in nature, it does not constitute a financial product or legal advice, and is not based on any consideration of your individual objectives, financial situation or needs. Policy terms and conditions, limits, exclusions, and underwriting criteria apply.

Everyone is busy, and at present builders are extremely busy, don’t lose opportunity within the warranty period to formally lodge with the builder. Once the period has lapsed it is extremely difficult to seek a resolution/bring a complaint to the building commission successfully. Prepare a Detailed Report - Include photos, specifics of all warranty issues you are seeking to remediate- concise, factual, succinct. The easier it is for someone to pick up your report and interpret your concerns typically ensures prompter positive outcome. Keep your anger or emotion out of the process. The Proposed complaint – Formalise the process, send the builder a notice of proposed complaint, always include a detailed report as to what remedial work you are seeking. Outcome – the builder may then respond / comment as to why it is not a defect, refute it or attend and fix the item without any further issues. When it is clear and information is presented, builders are typically happy to oblige, attend and remediate. If not resolved, you have completed the first stage of the Formal complaint process and may now lodge direct with the Building Commission/ or SAT

We can all recall the major loss of life and devastation to property with Miami Towers, but how did it start? Lack of maintenance to buildings and what is deemed by owners to be excessive levies. Is the blame game warranted and are these levies excessive? If they are then why? Was this due to lack of maintenance by owners for the last 2, 5, 10 or more years?  Are you ensuring your strata scheme is constantly maintaining the property or are you concerned about levies? Educate yourself on your duties and obligations as an owner in a Strata property. Saying you didn’t know or wasn’t advised doesn’t cut it. If you found this episode valuable be sure to subscribe so you don’t miss the next one and leave a five start review as it helps to grow the podcast and educate more people on the world of Strata. Thanks for listening!

In this episode we chat again with Mark Atkinson from Atkinson Legal who provides us with a general guide to learning about the major players in strata. Mark has been providing Strata specialist legal advice and services to developers, owners, and Strata companies for the last 26 years. You will learn about the Strata company - a fictional company which consists of the owners of the lots from time to time, so as each owner buys into a lot, they automatically become a member of the strata company. Council of owners - the civic owners may decide to join the Council of owners in a voluntary role, they are responsible collectively for the governance of that strata company in that strata scheme. SAT (The State Administrative Tribunal) - plays a significant role in strata, where people can go if they can’t resolve a dispute themselves, you can apply direct and seek relief. Some schemes have external strata managers who take on the tasks given to them by the council of owners / strata council via a Management contract / Agreement. These duties vary in accordance with the contract; they may be simple or complex, and there’s more.

Today I speak with Mark Atkinson from Atkinson Legal about buying into a Strata Property. Mark has been providing Strata specialist legal advice for the last 26 years. Mark assists developers with creating strata schemes, the necessary contracts for the sales of the lots, assists people with strata matters & representation & strata companies who are seeking to despatch or terminate their scheme. Listen in as we chat about why it is best to firstly consider what type of property you want to buy into, are you looking for amenity or may be a desirable location or type of community; Detached housing, a 2 or 3 storey walk up strata scheme or maybe a taller building with a lift, usually more amenities, pool, gyms etc.  Then once you have selected which type of strata is for you, drill down to get more detail. Due Diligence - No matter how large the proforma offer & acceptance folder is (this always includes Special conditions, Joint Form of General conditions, strata plan & by laws) - always read understand these before you decide to make an offer. This information is critical and will help you with a smoother transition to living or investing in your new strata property. The best owners come into a property with their eyes wide open, they understand what they can and can’t do in the scheme therefore giving you the best possible experience when living or investing in your new strata property. StrataChat helping you create your own thriving Strata Community.