This media release is about SCA’s Best Practice Insurance Disclosure Guide – Consumer Campaign Launch.
SCA’s Best Practice Insurance Disclosure Guide
SCA’s Best Practice Insurance Disclosure Guide has been in operation since last November, and enforceable under our Code of Conduct since 1 July 2024.
We’d like to thank the many members who were on the front foot and rolled out this level of disclosure in November, or even before that as part of their standard practice.
Over the next month or so, you’ll see a lot of consumer facing content from SCA such as videos, infographics and fact sheets on the topic, and we’ll be working hard to push these out through our own communications channels, as well as externally.
As you know, this best practice goes above and beyond current state, territory and federal legislation and regulation, and its implementation distinguishes SCA members from non-members, where disclosure standards are patchy or absent.
We think it’s the right thing to do for the millions of people who live in strata, for strata committees and to raise the bar for professionalism, standards and ethics in the strata industry.
We encourage you to share these resources on your website, in your newsletters, with committees and residents and whenever you communicate about strata insurance.
All of these resources and additional resources can be found (and downloaded) in the disclosure section of the SCA website.
Joshua Baldwin, SCA Australasia President
This post appears in Strata News #709.
Have a question or something to add to the article? Leave a comment below.
Read next:
- NAT: SCA Comments on ethics, conflicts and the future of the strata industry
- NAT: Professional Standards for Strata Managers
- NAT: Advocating for Change Against Unfair Practices [VIDEO]
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I have no great love of insurance companies, but I think Michael’s having a senseless whinge here.
First, you do know insurance is compulsory, and perfectly rightly so. It’s not your building Michael, you own a ninth of it and that means eight other people also have an interest. Then, one ninth of $10,000 is about $1,100 and I’d love to know where you could buy a year’s worth of property insurance for that. Car insurance for a year is near to that amount, and it’s likely your unit is worth a bit more than your car. Would you take your car out on the roads without insurance despite being absolutely certain you’re the safest driver out there? Or not lodging a claim for years?
Strata fees and maintenance are also one of strata-life’s givens. If you don’t want to spend anything on maintaining your car (or your haircut) that’s your business, but maybe your eight co-owners have a different point of view.
I expect, after you sell, you’ll enjoy cutting your very own lawns, cleaning your own gutters, insuring your own bit of real estate, and grumbling about how expensive and time consuming these chores are.
All up, seems you could have done better research on your accommodation needs, before you forked out on the strata. Best you sell soon, and pocket the capital gain, or take a role on your Committee and start thinking about what could help acheive your goals. You might even discover a more successful approach than whinging to a magazine.
I would query the cost of strata insurance for our nine unit block which is manufactured from brick and concrete, is not subject to flooding.and is very secure.
Our premium since purchasing a unit has almost doubled in five years to somewhere around $10000. In my time there has not been a claim.
I think this is outrageous and means insurance companies cannot lose. Maybe I should invest in one!
This premium, together with large strata fees and maintenance levies, would encourage me to dissuade anyone from purchasing in a strata titled property. I will be looking to sell in the near future.