An Uncomfortable Truth – Underinsurance in Strata

Earlier this week, Lync Insurance Brokers attended a webinar hosted by CHU Insurance, focusing on one of the most significant and growing risks facing strata schemes across Australia — underinsurance. The uncomfortable truth is this: many strata buildings are not insured for their true rebuild cost, often without strata management or owners realising it. When […]

Understanding Insurance in Strata

With the increasing popularity of apartments, townhouses, and strata properties in Western Australia, strata insurance is mandatory under the Strata Titles Act. Regardless of whether you are living in a strata property or part of a Strata Company in WA, it is essential to understand what Strata Insurance entails.  What is Strata Insurance? Strata insurance […]

The Importance of Early Tenant Identification in Commercial Strata Complexes

In today’s increasingly complex commercial strata environment, owners and strata managers are facing increased scrutiny around their tenants. One crucial aspect of this process is the early identification and disclosure of tenants, and specifically the type of business operation the tenant undertakes. This guide on tenant identification has been contributed by Lync Insurance Brokers and […]

Why are Strata Insurance Premiums increasing?

Insurance premiums are based on a number of rating factors and it usually starts by what the reinsurers of the insurer charge and the insurer then sets the base rate.  Reinsurers are very important to insurers, as they underpin them, so that all valid claims can be paid. Gradually over the last 3 years strata […]

Are you insured for a catastrophe?

Catastrophe insurance can be a little misunderstood when it comes to strata insurance. In this short article, I will explain this type of insurance and how it works. When you insure your strata property, the first section of this policy is known as Insured Property or Property Loss or Damage, or similar in most strata […]

Disclosure & your Strata Insurance Policy

When you buy insurance there are matters that may affect insurance, but unless you disclose it to the insurer, they will be unaware. As you have not clarified this matter with the insurer, you have no way of knowing that in the event of making a claim, your claim may be affected by the non-disclosure […]

Preparing for your items of business at your next AGM after proclamation

Strata Titles Amendments Act 2018 As we embrace the new Act commencing 1st May 2020, it will require changes and additions to the way things have been done in the past. This includes documentation for the next AGM, in particular insurance documentation. Under Section 127 (3) (c) it states: (c) The presentation of copies of […]

3 Ways to Minimise the Risks of Property Defects

You have property and strata insurance sorted. So if anything goes wrong you’re covered, right? Not necessarily. If your property has a defect and damage occurs as a result of that defect you may not be covered. You also may be liable for damage associated with that defect. But what exactly is a defect and […]

3 Ways to Reduce Your Strata Insurance Premium

You’re looking for strata insurance and notice a big jump in the price of premiums. It’s another blow to your budget and adds to the frustration of finding the right insurance. It’s a popular misconception that insurance companies increase the price of premiums just to fill their back pockets. But in reality, premiums are often […]

Top tips to keep your home safe this Christmas

It’s the most wonderful time of the year, so let’s keep it that way! Nothing would ruin your holiday break more than returning home to find a break-in or water damage. And who wants to start the New Year buried in insurance claims?! So, before you fully switch off and enjoy some much-needed relaxation, take […]