Construction Costs: Your Quarterly Update – September 2018

Construction Costs: Your Quarterly Update – September 2018

Each year, your body corporate must insure the whole building, including the owners’ lots, for the full replacement cost. An independent valuation must be obtained stating the full replacement cost of the building, at least every five years. The question is, how do you determine the ‘full replacement cost’ in the intervening years? It is…
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Strata Insurance: Construction Costs Updates

Strata Insurance: Construction Costs Updates

2.10:  A 5% INCREASE!! TELL’EM THEY’RE DREAMING… Insurance Premium Gouging…the insurers are at it again. October 2018 and we find ourselves marking a decade since the Great Recession hit in the wake of the collapse of the Lehman Brothers’ investment bank. Australia did manage to avoid the harsher impacts of the crisis – but there…
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Construction Costs are Rising,  Ignore Them at Your Peril

Construction Costs are Rising, Ignore Them at Your Peril

Strata insurance is compulsory, expensive, and contains many risks. One of the big risks involves the Building Sum Insured (BSI).  Getting it right is not easy… getting it wrong can cost you lots of money. This applies to both over-insurance (premiums too high), and under-insurance (cover too low). Over-Insurance can be expensive Much has been…
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