Insurance premium savings
Insurance renewal time is a fantastic opportunity to revisit your policy. Whether it’s a new and improved policy type, or a reduction in premiums – there are many benefits to investigating your insurance options.
At renewal time, our client sought our help to review their strata insurance policy to see if there was a way to reduce the premium. Leveraging our understanding of the needs of such a policy, we contacted several insurers to seek quotes.
It’s important to note that many insurers offer strata managing agents a commission for recommending their policy to clients. We can proudly say that we always remain objective and have our clients’ best interests at heart, as we never accept commissions from insurers. We genuinely seek the best possible price for every owners corporation, ensuring there is no compromise on the level of cover offered by the policy.
It was a great win for our client as we negotiated a 30% reduction in the insurance premium for their owners corporation – money that could be reinvested in their property.
Keeping builders accountable
Newly constructed buildings often suffer defects. But the situation can become stressful very quickly if not handled correctly. Slipping tiles appeared on the roof of our client’s property, exposing the interior of the building. It was a serious issue which, if not addressed urgently, may have resulted in costly property damage.
We met with both the lot owner and the builder of the property to inspect the issue. The value of having an experienced strata manager present, who understood relevant legislation, was immense. Some builders refuse to take responsibility for defects and it’s not unusual to experience difficulties.
On this occasion, we achieved a great result as the builder accepted liability quickly. He rectified the tile defect and repaired the roof to as-new condition before any damage occurred. All without the need to take legal action or to involve the Department of Fair Trading.
Common area blues
Problems with the maintenance of common areas are all too frequent in strata managed properties. On occasion, some contractors may take advantage of busy executive committee members, and let their standards slip. Our client struggled with poor service from their contracted gardeners.
We attended an onsite meeting with the chairman of the executive committee and inspected the building and its outdoor areas. Using our understanding of what needed to be done, we prepared a detailed scope of works for the gardeners. It outlined the required frequency of service, included a detailed description of exactly what work was to be completed, and highlighted areas of concern.
The result was a win for all involved. The contractor happily provided a tailored quote to meet the specifications set out in the scope of works. The solution was more cost effective as prices varied by time of year. In cooler months, less work was required. Therefore the price was reduced.
The executive committee was thrilled with the result – their outdoor areas are now maintained to a high standard, and their gardeners are happy as they know exactly what is expected of them.