Insurers focus on infrastructure risks with older buildings, like electrical and plumbing services, where failure could be catastrophic.
Strata schemes need to allocate money in their Reserve Fund for major infrastructure upgrades. However, being proactive with ongoing maintenance and regular inspections can help strata schemes keep their property safe and operable day-to-day.
You can read more about understanding the risks with ageing strata schemes via the link below.
This article was bought to you by BCB Strata Insurance Brokers
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