As building owners and occupants, we all know that we need insurance to protect our property and possessions in case of an emergency. However, what many of us don’t realize is that our Adelaide body corporate valuation may be underinsured.
According to a recent report by the Insurance Bureau of Canada, one in four Adelaide body corporate valuation in Canada are underinsured by an average of 30%.
This means that if your strata building was to suffer damage from a fire or severe weather event, your insurance would only cover 70% of the costs to repair or replace the damage.
So, what can you do if you think your strata building is underinsured?
First, check your Adelaide body corporate valuation policy to see how much coverage it provides. If you’re not sure where to find this information, your strata property manager should be able to help you.
Next, contact your insurance broker or agent to discuss your options. They will be able to tell you how much coverage you need and help you find a policy that meets your needs.
Finally, make sure to review your Adelaide body corporate valuation policy regularly to ensure that it still meets your needs. As your strata building ages, it may become more vulnerable to damage, so it’s important to make sure that your insurance coverage keeps pace.
By taking these steps, you can help ensure that your strata building is properly insured in case of an emergency.
