Strata Insurance Webinar

Strata insurance is a significant and growing expense for owners corporations.

In Victoria, the law sets out the minimum insurance required for owners corporations, and as stated by Consumer Affairs Victoria:

The minimum insurance required for an owners corporation is:
· reinstatement and replacement insurance of buildings on common property
· public liability insurance for the common property. Insurance for common property protects owners in the case of unexpected damage and injuries.
This is not the case for two-lot subdivisions and owners corporations which only have shared services.

However, increasing concern is being expressed about transparency and disclosure practices in this sector, especially when OC committees may have limited knowledge of these arrangements.

The DRG hosted a webinar in June 2023 with John Trowbridge, an expert in insurance, who recently completed a 3 phase investigation into strata insurance practices.