Severity of defects and age of your building can sway your strata insurance
Defects are common in both new and existing builds. However, the nature and severity of building defects can vary greatly with age, and this can impact on insurance cover
In our earlier article, we covered insights from CHU on how building defects impact insurance coverage type and costs, what you should know about potential risks from building defects and what kind of information your insurance provider may need from you.
Insurance underwriters will look at numerous factors and deep dive into the situation from various angles before deciding which course of action is appropriate. Here are some of the factors they will consider:
- How long ago was your building built?
- What materials have been used in the building?
- Where kind of defects are present and how they may impact the stability of the building?
- What is the maintenance and repair history of the building?
- What kind of corrective steps has been taken for your strata property and how soon was this actioned after finding the issue?