Residential Strata Insurance Quotes

Review of: Your Guide- Building Insurance by Bill Runciman Not a week goes by without a media report of life-changing, sometimes disastrous consequences arising from under-insurance of a residential building. The author, as treasurer of a strata committee, became involved in advocating for adequate insurance for both an anticipated realistic replacement value (allowing for inflation, delays, shortages, compliance requirements etc.) and for supplementary costs such as for accommodation and rental losses over a realistic time frame. He critiques many existing regulations, practices and valuation algorithms and proposes the use of a “Building Sum Insured Value” derived from expected rental values as an improved framework for calculating amounts to be covered. He advocates for legislation to harmonise the basis of building insurance policies, and for the standardisation of terminology and definitions for key underlying concepts. This would enhance much- needed transparency, improve consumer understanding of what they are paying for, and mitigate against many of the unanticipated adverse consequences of damage to or loss of residential buildings. “Caveat emptor. Let the buyer beware!” Must-read.