10 Jan Insurance Tip – Building Defects

Insurance Tip – Building Defects

A proactive approach to defect identification and rectification benefits all parties involved placing the insurance to protect a property.

Being on top of defects and ensuring that Owners Corporations have a plan in place to resolve them will improve insurance coverage and lower the chance that a claim will be rejected.

In addition to potentially causing further damage to the building, person or third-party property, unresolved defects will likely impact the insurance policy at renewal time. Placement may take longer, premiums could cost more, there is less likely to be alternative quotes, or in the worst scenario the property could become uninsurable.

It’s important that Owners Corporations don’t wait until the last minute to make formal plans for remedial work; they should be guided to take care of defects well in advance of the plans insurance renewal date to ensure the best coverage and premium outcome for their property.

If you have any questions or would like to discuss maintenance or defects issues affecting your property, please do not hesitate to contact our office on 1300 880 494 or email [email protected].

Important Notice

This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which can be obtained by contacting CRM Brokers or downloading it from the agency’s website before deciding to acquire, or to continue to hold, this product. Insurance policies issued by various insurers often differ.

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