📈 Strata Life Episode 23 🎧Facing rising insurance premiums as a landlord? We've got practical tips and legal insights to help you manage costs effectively. Stay informed, stay protected!

For today's episode, I want to delve on what I've noticed is increasing in the strata industry and that is about the struggles in managing the increase of insurance premium. I want to highlight three things that you should note in respect of how to avoid or at least manage increase in your strata premium. An increase in strata premium means an increase in your levy. One of the things is regularly repairing and maintaining common property. The key word there is regularly maintain and that avoids increasing claims, which ultimately impacts increase in strata premium. The second thing I want to address is avoiding risks that your strata community is going to be open to, and when I say risks, risks are different types that relates to common property, legal liability and financial exposure. And so that means where there are issues that arise in your strata community, particularly if you're in the committee, you should find ways to mitigate the risks because if it's ultimately not mitigated, your strata insurance won't come in to save you. And finally, what's been rampant recently is an increase in insurance denial where there's a tobacconist in your development and other risky business-like tattoo parlor, but that's another one. So what I've noticed is that there could be denial in being covered by insurance or an increase in the strata premium. And with that, do keep in mind that when it comes to strata insurance, it is the history of the claims. It is giving warning to your strata community if there's going to be an increase in insurance. So that means communication, a checklist in your maintenance and repair of the strata community are absolutely important to manage increase in strata premium of insurance.