Insurance Matters - Water Damage Claims.
Insurers advise that over 45% of all insurance claims received relate to water damage matters. Hence insurers are monitoring these claims and increasing premiums or deductibles for those Strata’s that have a claims history of mostly water damage claimed events.
Water damage claims can be due to a number of causes such as failures in plumbing, water proof membranes, roofing or other water carrying apparatus. This may indicate to Insurers an aged property where expenditure on Capital Works aspects may not be occurring.
As Strata Managers we are mindful of the need to ensure water damage issues are kept to a minimum and to take proactive steps when a string of failures indicate deterioration issues. Older properties tend to develop failures in tiled shower recesses due to inadequate or pre-regulation water proofing procedure. There are quick fixes for shower base leaks (spray or application barriers), but they seldom offer long term solutions. Normally the best result is achieved by stripping out the shower cubicle floor and wall tiles, stripping out what water proofing that may exist and having the cubicle water proofed before relaying the tiles.
At Better Strata we use our expertise of over 43 years insurance claims experience to ensure all maintenance and insurance related issues are monitored and our proactive approach delivers reduced insurance costs.