Governed by state legislation in Australia, Strata Insurance is a mandatory requirement for Owners Corporations. Strata Insurance typically covers the building structure and common property, including areas such as pools, foyers, lifts and other shared facilities. Individual lot owners are generally responsible for arranging their own contents and personal insurance cover.
The strata insurance market continues to evolve in response to changing risk exposures and broader insurance industry trends. Key challenges include rising construction and material costs, an increasing frequency of catastrophe events, combustible cladding exposures, and emerging risks associated with evolving technology, such as the growing adoption of electric vehicle charging infrastructure.
At PACE, we adapt to the ever-changing insurance landscape by staying informed, proactive and focused on long-term risk management. To help ensure our clients maintain adequate sums insured, we arrange comprehensive building valuations at no additional cost every four to five years, supplemented by annual desktop valuation reviews to monitor changes in rebuilding costs and market conditions.
We also work closely with specialist consultants who can undertake risk surveys, helping us present your property to insurers in the best possible light. By combining regular valuations, ongoing desktop reviews and proactive risk assessments, we identify potential issues early and work with stakeholders to address them before they impact insurability, coverage or pricing at renewal.
PACE is a proud member of the Strata Community Association (SCA) Victoria and actively collaborates with industry professionals to stay at the forefront of regulatory, legislative and market developments. We provide tailored insurance solutions for a diverse range of properties, from small residential developments through to large-scale communities comprising more than 1,000 lots.
Risk Management
Our team has extensive experience across both hard and soft insurance market cycles. We use this expertise, combined with a thorough understanding of your property, to tailor insurance solutions that align with your risk profile and coverage requirements.
Proactive risk management plays a vital role in reducing insurance costs and improving insurer appetite in today’s market. PACE has a proven approach that helps identify property risks and provides practical guidance and resources to reduce their severity and likelihood. Through proactive risk surveys and ongoing engagement with committees, strata managers and service providers, we help develop tailored risk management plans that address issues before renewal and improve insurer confidence in the risk.
If you are part of an Owners Corporation, Body Corporate or Strata Scheme and would like to learn more about PACE’s proactive approach to strata insurance and risk management, please contact our strata specialist, Dominique Fittock.
Let me know if you need anything further.
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.
