Strata & Real Estate

Managing Risks Associated with Short-Term Rentals in Strata Complexes

Up until the early 2000s, short-term lodging options were predominantly provided by hotel chains and commercial providers. However, the landscape has undergone a significant shift in recent years, with platforms like Airbnb, Stayz, AirKeeper, Made Comfy, and Hometime reshaping the industry. These platforms empower individuals to directly rent out their properties to consumers, offering a lucrative avenue for additional income. Yet, the venture of leasing strata properties for short-term stays brings unique risks for both lot owners and strata managers. This article explores the key exposures and offers practical insights to effectively address and minimize these challenges.

Strata & Real Estate

Unpacking historic catastrophes: how does it impact the insurance industry today and in the future?

The rising cost of living, driven by high inflation, highlights a pressing issue for the insurance industry and its customers, specifically the affordability and availability of insurance. This article takes a closer look at the new data which help to better understand and prepare for a future where extreme weather events won’t be a mere exception.

Strata & Real Estate

HoneIn FY24 Q1: Strata Insurance Market Update

Strata & Real Estate

Claiming Success: Why Your Insurance Broker is the Key to Notifying Insurers About Potential Claims

When it comes to insurance, brokers are in a unique position. We’re neither the client nor the insurer, we’re privy to the unique notifications from clients when there is a situation that may give rise to a claim, and the reactions from insurers to those notifications. This is a complex and evolving area, and in the post-pandemic era, we’ve observed that insurers are scrutinising all aspects of the claims process. Following a loss, the claims process can be stressful, complex, and long. This article outlines the paradigm shift in insurer’s perception of an acceptable notification of circumstances which may give rise to a claim, from a broker’s perspective.

Strata & Real Estate

Cyber Risks & Insurance: A Guide for Strata Managers

Strata managers have a crucial role in overseeing strata properties on behalf of owners. As technology becomes essential for storing and sharing information efficiently, it is increasingly important for strata managers to consider cyber policies to help protect the personal information of residents in the properties they manage. This article unpacks the advantages of cyber insurance for strata managers and offers strategies to minimise vulnerabilities and the potential risk of cyber attacks.

Strata & Real Estate

Body Corporate Insurance Coverage: The Hidden Risks of Neglected Building Maintenance

Maintaining a strata title building is not only essential for its overall appearance and functionality but also for securing adequate insurance coverage. Failure to maintain a building can result in increased premiums, coverage exclusions, or even denial of claims. Rebecca Crowther outlines some of the key risks and explains how to ensure your strata building is adequately maintained. 

Strata & Real Estate

FY23 Q4 Market Update: Strata

Strata & Real Estate

FY23 Q4 Market Update: Real Estate

Strata & Real Estate

Office Bearers’ Liability Insurance 101

Office Bearers’ Liability coverage is a component of strata insurance policies designed to protect individuals who hold positions of responsibility within a strata corporation. It provides coverage for legal costs and potential damages if an office bearer is held personally liable for a wrongful act or omission in their role.

Strata & Real Estate

Why strata owners should consider cover for Machinery Breakdown

Strata complexes often have equipment that can be critical in the day-to-day operations of the property, like air-conditioning systems and lifts. If these systems break down, they can cause major disruptions and discomfort for residents. Anthony Chitty shares more about the optional cover within many strata insurance policies that can help minimise financial losses in the event of equipment and machinery breakdown.