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Flex your 2024 Strata Insurance Planning

As we step into the new year, there is no time like the present to make sure your insurances are all in order for 2024 and beyond. You may have plans to buy an apartment, or you may want to streamline your expenses and make some changes to accommodate for the cost-of-living increases. 

It is important to assess your insurances and make sure you are adequately and appropriately covered for what you need. This applies to all insurances from health insurances, life insurances, business insurances, home and contents insurance.  

If you own an apartment, you are most likely familiar with Strata Insurance. It is compulsory for strata properties in most states and territories across Australia. Strata insurance is a group insurance that covers the common areas of your property and the owners of each individual apartment for their shared property including driveways, hallways, stairwells, parking areas etc. 

As no two buildings are the same, opting for a more flexible strata insurance policy makes a lot of sense. That is where Flex Insurance Residential Strata Insurance is worth exploring.  

Whether you are on the strata committee or not, it is essential that your building is prepared for the year to come. This should include ensuring you have an updated building valuation and regularly addressing maintenance and repairs.  

Preparing Your Strata Property for 2024 

1. Building Valuation:

Protect your property against the risk of being underinsured by obtaining an up-to-date building valuation and reviewing your Sum Insured on your policy. To make sure your building insurance always provides the right level of cover, regular building valuations are essential. You should consider getting a new building valuation every 2 to 5 years by contacting a certified valuer. In current market conditions, it is essential to consider the rising costs of construction and inflation to ensure your property is insured for full replacement or reinstatement value. 

2. Maintenance and Repairs:

Prevention is the key. Regularly address building maintenance and repairs to mitigate risks. Quick action can prevent small issues from turning into major problems. Conduct regular inspections and communicate modifications to your insurer. Keep your insurer informed of upgrades such as sprinkler systems, fire management plans, and electrical enhancements. 

3. Safety Audit:

Conduct a thorough safety audit of the common areas. Identify potential hazards and take proactive measures to enhance safety. Maintain up-to-date maintenance schedules and ensure repairs meet quality standards. Each lot owner is responsible for their own contents insurance; while strata insurance is shared, it is wise to encourage each owner to check for potential hazards and review their coverage. 

Explore Flex Strata Insurance  

Flex Insurance is a great choice for small to large strata properties, as it is easy to get an online quote, it is flexible and can be tailored to your needs. It includes the essentials and mandatory covers and allows flexibility with the level of cover you need.  

If you need residential strata insurance, Flex Insurance can have you covered in minutes. Reach out to your local broker, strata manager, or contact the Flex Insurance customer service team to start the year with the flexibility you need.