Jody Williams’ Post

Ever wondered what's safeguarding those shared spaces in your apartment block or townhouse complex? It’s strata insurance - and it’s a must-have. Strata Insurance primarily covers common or shared property under the ownership of a strata title or body corporate entity. Think lifts, swimming pools, car parks, gardens, and even shared electrics. This isn’t just for residential buildings - business buildings can also be a part of a strata. Why do you need strata insurance? ✅Legal requirement: In most Australian states and territories, it's a must-have for body corporates. ✅Peace of mind: It helps ensure that all owners are protected from hefty costs after unexpected events. ✅Comprehensive coverage: From public liability to replacement of shared assets, strata insurance will cover you for unforeseen costs. Living or working in a strata community and unsure whether you need strata insurance? Drop a comment or send a DM and I’ll be happy to give you some free advice. #insurance #insurancequestions #insurancebroker #insuranceWA #insurancePerth #insurancebroking #insuranceclaim #twdirectorypartner

Strata insurance is not enough! 🤔👎 Landlords should consider getting their own insurance to protect their investment property and tenants. 🏠💰 Strata insurance covers common property areas and building structure, but often doesn't cover fixtures inside individual units. #landlordinsuranc #strata If there's damage to fixtures inside your rental property, like hot water systems, aircons or built-in cupboards, strata insurance won't cover repairs or replacement.💸 Getting landlords insurance gives you peace of mind knowing your rental property is protected. It covers costs like: - Damage by tenants - Loss of rent if tenants can't move in - Liability if a tenant is injured on your property Talk to an insurance broker today about a tailored policy for landlords.🙌 With the right cover in place, you can protect your investment and maximise your rental income. 💡 Don't leave yourself out of pocket - make sure you have the insurance you need as a landlord in Australia. #australiainsurance #landlordprotection

Strata insurance covers issues in tenancies but are limited in Australia. 🏡🚪 Owners' corporations or body corporates insurance commonly referred to as strata insurance covers damage and losses within apartment complexes and townhouses. This includes issues arising from tenants that cause damage within their units 📝. However strata insurance has limitations when it comes to coverage of tenancy issues like damage caused by tenants to other units or common property. Some strata policies will not cover intentional damage caused by tenants. 🚫 Strata insurance is designed mainly to cover repairs to the building structure, fittings and fixtures of the complex. Damage or losses caused within individual units that are the responsibility of unit owners are generally not covered either. 🙅♂️ So while strata insurance may help cover some tenant related issues in common areas, individual unit owners must often rely on their own landlord insurance or tenant policies for damage within their units. 🏘️ Landlord insurance specifically designed for investment property owners can help fill some coverage gaps left by typical strata insurance policies.#stratainsurance #bodycorporateinsurance #landlordinsuranceaus #tenancyinsurance

ABC News Reports on a Strata Manager’s Insurance & Other Business Practices   After their media investigation @LintonBesser and @NinahKopel from @ABCNews published an article High-profile Strata Company Netstrata Caught Charging Excessive Fees and Taking Kickbacks reporting on their business practices relating to #strata insurance premiums, commissions, and brokerage, fire services, plumbing and building maintenance.   There’s plenty in there including comments from other #stratatitle citizens and information about strata sector group actions to date.   It’s clearly the start of another interesting strata chapter and I’m sure there’ll be plenty more news before it ends.   https://lnkd.in/eyN5Qmzu * Item 24.002 in GoStrata Media’s info collection on the 2024 Strata Insurance Crisis.

Do you own or manage a MULTIFAMILY or COMMERCIAL property? Did you know it's YOUR responsibility to accurately prove and value your property after a loss? Are you an expert in insurance policies, construction, building codes, or valuations? Do you know the difference between ACV vs. RCV? Did you know, as an insurance policyholder, you have “duties after loss” that you’re responsible for when it comes to your claim? Sadly, a lot of people don’t. The system is rigged against you. Your policy requires you to perform tasks you are not qualified to do. So the insurance company offers to “make it easier” and we’ll “do it for you’” And they do it for FREE! Any guesses on who benefits from this arrangement? Yup. The insurance company. They are programmed to pay the least amount on your claim...therefore benefiting them...and you’d be none the wiser because you trusted your insurance company. DON’T!! Prepare yourself and ask us how you could qualify for a no-cost, pre-loss property inspection and policy evaluation. This could prevent surprises when (not if), you experience a loss (fire, hail, water, or wind). Call or text me today to schedule your free consultation. 817-929-5973 #insuranceclaim #largeloss #commercialproperty #multifamily #firedamage #haildamage #waterdamage #winddamage #publicadjuster #dutiesafterloss License # 2986206

In my role handling commercial property damage claims, I’ve come to realize that many tenants in rental apartments lack renter's insurance. This is particularly concerning when facing units with extensive damage, leaving tenants vulnerable and without coverage. Renter's insurance typically covers personal belongings and Additional Living Expenses (ALE) in the event of a loss. This means if your apartment becomes uninhabitable, it's not just your possessions that are protected, but also your expenses for temporary housing. The role of renter's insurance in such scenarios cannot be overstated. Without it, tenants face the full brunt of replacing their damaged contents and covering relocation expenses on their own. What many don't realize is that renter's insurance is considerably less expensive compared to other insurance types. You can secure this essential protection for less than $20 per month – a relatively small investment for substantial coverage. Far too often, I see tenants without renter’s insurance facing extensive damage to their possessions and having no backup living arrangement. In today’s unpredictable world, I can’t stress enough the value of having renter’s insurance. #RentersInsurance #TenantProtection #RiskManagement #ContentsCoverage #ALECoverage

Multifamily Monday Insurance Costs for everyone in CA have increased or will increase. Multifamily properties can experience big hikes due to liability concerns, these include property insurance, liability insurance, and workers' compensation insurance as applicable for onsite teams. Insurance costs are influenced by factors such as property location, building age, occupancy type, and risk mitigation measures implemented by property managers. More impactful to insurance costs, recently, may be the legislation that passes with government subsidy programs in high-risk areas. High-risk factors such as flood and earthquake zones, or proximity to wildfire-prone areas result in higher insurance premiums for multifamily properties. Property owners and investors should assess insurance coverage options with their broker frequently. Someone told me yesterday that their broker for 20 years, who has their company based in SF, has the best deal they can get. I asked when the last time they asked a different broker to provide pricing options to them - their answer, 20 years ago. Periodic review and evaluation of insurance policies are essential for ensuring adequate coverage and managing insurance costs effectively in multifamily real estate investments. With the shifting landscape surrounding insurance, having competing bids is more important now that it's ever been. #realestate #business #commercialrealestate #investing #diversify #build #grow #challenge #results #service #professional #modesto #california #ca #stanislauscounty #centralvalley #investor #invest #REI #passiveincome #turlock

🏢✨ Excited to share a recent Commercial Property Owners Insurance success story! 🎉 Renewal Premium with the existing broker - £12,500 Quoted Premium with Tower Insurance Brokers - £9,800 Premium Saving - £2,700 (21.6%) Just closed a fantastic deal for one of our valued leisure clients who had always placed their Property Owners Insurance, for their estate let to a Riding School and Bed & Breakfast, with their previous broker for over 5 years. Despite their longstanding relationship, upon reviewing their policy, we discovered significant gaps in coverage and a messy situation that needed immediate attention. 🔍 After careful review, full and complete fact find and engagement with specialist underwriters, we managed to: 💪 Plug gaps in cover missed by their other broker 🌟 Enhance existing covers ✅ Reduce excesses 👍 Provide superior service and expertise 💷 Premium saving 📉 Reduce the premium finance interest rate #InsuranceSuccess #CommercialInsurance #TailoredSolutions #RiskManagement #ClientSatisfaction #Savings #PropertyOwnersPolicy

👀 As strata insurance specialist brokers, we’re always on the lookout for non-compliant strata policies 👀 What should strata policies cover? ✅ Material damage to structural fixtures, including fixed plant, machinery and underground services resulting from an insured peril. ✅ Cover for owners’ fixtures, fittings and improvements, which form part of the building. What will they not cover? ❌ Personal assets are not likely to be protected as part of the strata insurance policy. ❌ Contents within individual units such as carpets, curtains, blinds, light fittings and electrical appliances not actually wired into the premises must be covered by contents insurance or a landlord insurance policy. Household policies may not cover the full requirements of the strata legislations, so get in touch to discuss precisely what is insured by your strata policy. 👉 We know the ins and outs of each product disclosure statement, features, limits, inclusions and exclusions. 📲 https://bit.ly/3DCiWyU #lyncinsure #insurancebroker #strataliving #stratainsurance #riskmanagment #insurancespecialist #perth #insurance #globalnetwork #insuranceeducation #perthproperty #perthrealestate #insurancebroking #propertyinvestment #safeashouses

Property Insurance Market Update: Buckle Up! Here's what you need to know: Older buildings at risk: Many insurers are dropping pre-2000's structures, especially those built before 1980 (B&C class). Time to consider renovations or upgrades. 🏠 Liability getting tricky: Insurers are tightening coverage with exclusions and sub-limits on things like pollution, pollution, broad form and additional insureds. Review your policy carefully. 🚨 Excess liability on the rise: Even with a clean claims history, expect higher costs for excess coverage due to overall claim trends. 🏡 Property market: A glimmer of hope, but hold on tight: Recent hurricanes may cause a market shift back to higher rates. ⛈ Coastal woes: No surprise, coastal areas remain a challenge. 🌀 The Midwest feels the pinch: Rate increases, higher deductibles, and property valuation adjustments are hitting the Midwest hard. 💣 Don't panic, but be proactive! We have exclusive programs for property & liability insurance to help owners, property managers, and developers navigate this changing landscape. Contact Mathenia Insurance Group, LLC Spread the word! Share this post with anyone who might find it helpful. #propertyinsurance #realestate #multifamilyinsurance #claims #liability #realestateinvesting