Insurance
27th Jul 2018

New laws for low-rate "Cladding Rectification" loans to be considered by Victorian parliament Owners Corporations could soon have access to low-interest loans for the removal of flammable cladding on their buildings. New laws were introduced to the state parliament on Thursday by Legislation Planning Minister Richard Wynne, which will allow for the creation of Cladding Rectification Agreements between building owners, local councils and lenders. The laws would allow lenders to offer low-rate loans ...

25th Jul 2018

MAINTAIN AND REPAIR: WHY YOU AND YOUR OWNERS CORPORATION SHOULD NOT RELY ON INSURANCE ALONE TO PROTECT YOUR PROPERTY Owners Corporations in Melbourne have been warned that having building insurance is not an excuse to neglect your building’s most important assets. Often, owners attend Annual General Meetings and question costs of maintenance and servicing, particularly with insurance there to cover any breakdowns of assets. However, CHU Strata Insurance Business Development Manager Scott Allen ...

12th Jul 2018

Insuring your property is one of your Owners Corporation’s non-negotiables. It simply has to be done as per the Owners Corporation Act VIC 2006. However, some customers may have noticed that premiums for cover have been rising at a steady rate recently. Strata Plan sat down with CHU Strata Insurance Business Development Manager Scott Allen to chat about the state of the strata insurance market and what is causing the rises. A PRICE ...

14th Jun 2018

What Does A Good Owners Corporation Committee Do? The Million Dollar Question. What makes a great Owners Corporation committee? That is literally the million dollar question. Your Owners Corporation is responsible for insuring, maintaining and repairing all common property at your building, as well as budgeting for, the collection of and expenditure of hundreds of thousands of dollars. In doing so, the Owners Corporation should be protecting and/or improving the value of a ...

21st May 2018

WHERE THERE’S A WILL, THERE’S A WAY | HELPING AN OWNERS CORPORATION MANAGE AND RECTIFY BUILDING DEFECTS Strata Plan believes that Owners Corporations work best when owners take an active interest in their property and work collaboratively with all stakeholders to co-create amazing outcomes. And when it comes to amazing outcomes, it does not get much better than having $100,000s worth of building defect rectification for mere $1,000s. For some property owners, this ...

16th Apr 2018

Building Defects: A community issue Building defects are a community issue. They take a team of committed and united lot owners to co-create solutions and forge a successful path to rectification. Factions of fractured owners with different goals and agendas will never get their building’s issues sorted. Your Owners Corporation is the body that enables all owners to work together to solve the issues that affect the entire community within a building - ...

26th Mar 2018

Car Parking Systems: An Increasing Necessity As the apartment revolution continues in Melbourne, car stackers and automated parking technology is set to play an ever-growing role in the life of the everyday Melbournian. As developers build bigger and bigger projects, space is at an absolute premium and automated and semi-automated car parking technology can help maximise the efficiencies of those spaces. Overseas, the technology has been in use for some time but in ...

1st Mar 2018

Maintenance Plans: What are your Owners Corporation's obligations? Maintenance fund plans are an effective way to ensure your Owners Corporation is saving the money it will need in the future to repair and maintain your building’s major assets. But a maintenance fund plan is about so much more than simply putting money away for a rainy day. A maintenance plan is about taking the guess work out of how much you and your ...

7th Feb 2018

What does your Owners Corporation insurance cover? Your Owners Corporation’s strata insurance policy covers you for a lot of things. As set out in the Owners Corporation Act (VIC) 2006, Owners Corporations must take out insurance to cover all buildings on the Plan of Subdivision. These policies typically cover the building structure on behalf of all owners within any given Owners Corporation. Generally speaking, most strata insurance policies cover material damage as a ...

1st Feb 2018

After-hours assistance: A massive responsibility for Strata Plan One of Strata Plan’s biggest responsibilities as an Owners Corporation manager is being robust and capable enough to provide assistance in the event of emergencies. Strata Plan boasts its own in-house emergency after-hours phone available to all customers and residents at buildings we help to manage. Hosting this service in-house as opposed to outsourcing the service ensures Strata Plan is in full control of its ...

3rd Jan 2018

Your Owners Corporation affects your private lot value Buying property is one of the biggest financial decisions you will ever make. But when you buy into a strata-titled property, you are buying more than just your four walls. You are buying into a community, and to improve the value of that investment, you need to play an active role in that community. According to Hay Property Group director Alan Stubbings, all owners should ...

20th Dec 2017

AirBNB and Insurance: A match made in hell? AirBNB has been a hot-topic for Owners Corporations and their members  with apartment owners and occupiers concerned about the nature of short-term leases and their effects on the buildings in which they occur. The Victorian government is trying to find the right balance between allowing property owners the freedom to use their property as they see fit, while protecting the rights of neighbours and other ...

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