Flat Chat Strata Forum The Professionals Current Page

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  • #11881
    bangles
    Flatchatter

      Our complex of 60 units ( 4 adjoining blocks)  and is almost 20 years old.  We have always had our complex fully insured and from memory cost is around $30Kpa.  We have had a couple of minor claims during that time, and only one major claim about 10 years ago due to a break and enter where all video cameras were stolen or damaged and replacement cost was close to $40K.  We recently noticed large cracks in basement garage area (floor and wall) and are in the process of getting engineers to inspect to determine what is causing problem and what is required to remedy. Their initial thoughts are that the adjoin wall between 2 of the blocks is separating and have discovered movement and cracks from the basement to the top floor. While they are still investigating and preparing a full report it appears we have a major structural problem that will need attention.  We contacted our Strata Manager to confirm we would be covered by our insurance and were stunned to be told no insurance company covers structural damage. so no use submitting a claim.  Is this correct?  .  We don’t have some sort of budget insurance cover, its based on property valuation etc. We always obtain 3 quotes at renewal time from major insurance companies who specalise in strata insurance, what else are we supposed to do.  Is it the terminology “structural” ?  

      Thank you

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    Flat Chat Strata Forum The Professionals Current Page