Accidents happen daily to most of us. However careful you are, a tree may fall and damage your window or, an accident may happen in your driveway.
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Strata insurance is insurance that is in charge of taking care of strata title real estate. It might include roofs, exterior walls, driveway, and car parks. It also covers people working within the residence or visitors.
Strata insurance is a legal qualification in all Australian states. Its best for the owners and residents to speak with their community manager on the several strata insurance coverages in the market. Get several options from strata insurance experts and select the best cover they need.
5 Common Claims and How to Prevent Them
Several forms of claims can be avoided. They include storms, break-ins, and floods. Read ahead as we get to expound on them.
1. Fire Accident
Fire can start fast and spread quickly. The damage afterwards can be unimaginable, resulting in losses. Have fire safety equipment fitted in each building.
Appliances should be serviced frequently, and if anyone reports a faulty bulb or wiring, fix it immediately.
You may want to install residual current devices to protect against electric shock that might be fatal.
The residential fires to be familiar with include:
· Kitchen fires caused by overheating pans, fryers, or a blown-up microwave
· Candles neglected in the room
· Fires from leftover cigarettes
· Malfunctioning or old appliances
Leaks and burst pipes can lead to heavy claims if not fixed on time. Repair and maintenance should be observed at all times. Leaks can be hard to detect, but you can get a professional with modern machines. They will help detect where the issue is without further damage to the pipes.
Areas to check for leaks include:
· Check out the walls and ceilings for watermarks or stains.
· Search for leaking taps or showerheads.
· Clean the roof and check out for broken tiles.
Secure communal areas and make sure they are well maintained, uncluttered and neat. Common driveways or pathways should be clear from obstacles to prevent accidents. Before you dig in your garden, ensure there are no wires beneath to damage the networks.
4. Storms and Flood Damage
The weather and climate changes might be something to look into. Some parts of the world are lucky to have sunny weather but what about countries that experience storms and frequent rain?
Make sure your building is stormproof by:
· Trim trees to prevent the branches from falling on houses.
· Clear gutters and drainages to prevent blockages during heavy rains.
· Keep electrical appliances or valuable content out of areas that are risky of flooding.
Ensure that your tenants are ready and prepared if a storm is approaching. Check-in on your tenants and make sure they are safe. Listen to local weather reports and be aware of what is happening. In case your property is hit hard by the harsh weather, your priority is to check on the residents and whether they are safe.
5. Theft Damages
Theft or break-in is a common strata insurance claim. Thieves normally target easy and accessible things that are in the common area. They may include BBQs and gym equipment. These are easy targets as the thieves may pose as residents. You may consider putting these types of equipment in a safe environment.
Replacing those items, inclusive of broken windows or new locks, might be expensive in the long run. Here are a few steps you and the residents can take to prevent theft in the building: