Governed by state legislation in Australia, Strata Insurance is a mandatory requirement for owners’ corporations. While Strata acknowledges the overall structure of buildings, and encompasses common areas like pools and lobbies, it’s important to recognise that it excludes individual lots – with owners required to take out their own distinct policies.
Challenges within Strata Insurance are driven by continual disruption to the risk management landscape – aligning with the industry as a whole. Prime amongst these are increases to material costs, frequency of catastrophe events, potential risk of combustible cladding (ACP), and the risk of technological advancements outpacing safe mitigations, such as increases to EV chargers and the impact that’s having on infrastructure.
At PACE, we adapt our approach to meet the ever-changing landscape by staying informed and being proactive. As part of our superior customer service, we include valuations at no cost to the client every 4-5 years. However, these can also be arranged more frequently, as required. We are connected to a team of experts who can provide risk surveys to better market your property. This ensures that we have all the necessary details to address any potential issues proactively. We work to ensure all policies offer:
PACE is a proud member of the Strata Community Association Victoria, and we work hard to collaborate with other external resources, ensuring we stay on the pulse of industry and regulatory change. We are committed to providing tailored solutions for a diverse segment of properties, ranging from smaller lots to expansive 1000-lot buildings.
Risk Management
PACE team members have worked through both hard and soft insurance market cycles and use that experience, alongside our intimate understanding of your business, to finetune your coverage requirements and match your risk profile to your needs.
Proactive risk management is playing a vital role in the current market to reduce costs for our strata clients. PACE has a tried and tested approach that helps inform you about your property risks and provides you with guidance and resources to reduce their severity and potential frequency. This is achieved through proactive risk surveys, which help us create bespoke risk management plan that directly addresses issues ahead of renewal.
If you are part of an owners corporation (or body corporate/strata corporate/strata plan) and are interested in hearing about our unique strata offering, contact our industry expert, Dominique Fittock.
As PACE’s Strata and Commercial Specialist, Dominique brings over 25 years of industry experience to her role. She utilizes her expertise to help clients protect their property complexes and navigate the ever changing regulatory landscape.
Dominique joined PACE in 2017 and has since grown the Strata line business considerably. Leveraging her specialist knowledge, she assists clients in writing the appropriate policies and finding effective solutions to their strata concerns. Dominique’s professional journey includes experience with national and global insurance brokers.
Clients frequently commend Dominique for her proficiency in industry products and her readiness to assist. She frequently goes the extra mile, whether it’s arranging valuations or attending committee meetings as needed. Dominique delights in problem-solving for clients, stating, “I enjoy the challenge of thinking creatively to provide my clients with the most suitable solutions.
