1. Strata Meetings & Communications
Communication technologies are revolutionising the marketplace across a variety of industries and the strata industry is no exception. The pandemic shifted the way we usually conduct in-person meetings now being increasingly operated via video calls with Zoom and other service providers even though the peak of the pandemic is over. Some owners were reluctant to participate in these remote types of voting during lockdowns but have become so familiar with the technology that they now embrace it and find it easy to use.
Zoom has become available and widespread substitute for physical meetings, and, indeed, the strata legislation and regulations permit such voting via Zoom and email without the requirement for a resolution adopting such means of voting. This trend is likely to continue as it provides convenience, comfort, safety and security to owners.
2. Strata Insurance Market
The Strata Insurance market has been experiencing considerable rate rises and obtaining cover for some schemes has become increasingly difficult.
Major losses across the insurance industry, in particular the strata space, have seen insurers forced to increase insurance premiums and tighten underwriting guidelines on properties that have experienced high loss ratios and frequent claims, as well as those with defects or maintenance issues.
These market conditions are likely to continue through 2023. For strata schemes that are deemed high risk special policy conditions are being applied in order to obtain cover. High risk categories include polystyrene sheets and aluminium panels. Further, if your building has defects or a large number of claims, your building can be placed in a high risk category.
Insurance markets are cyclical and there are practical solutions an Owners Corporation can follow to help move the building out of the high risk classification. Engaging ongoing and regular maintenance, reduce the number of claims, and attend to all outstanding defects. Speak with your Strata Manager to find practical solutions on achieving better outcomes for insurance cover.
3. Rise of Electric Vehicles
Strata Community Australia has just published the industry-first strata “state of play” report on electric vehicles which are rapidly increasing in popularity.
