If you were feeling a bit down because of the 2024 Strata insurance Crisis affecting Australian strata stakeholders, don’t, as we’re not alone.
Strata insurance affordability and availability challenges are happening everywhere including in Colorado USA as this short article by Altitude Community Law Help! My Association Can’t Afford its Insurance Premiums demonstrates.
The article doesn’t discuss insurance commissions [although it does reference brokers] and offers the similar and different kinds of advice from what we’re hearing in Australia for strata buildings to try to reduce premium costs including:
increasing excesses to reduce claim volumes and premiums,
not over insuring the strata buildings and risks, and
shifting liabilities for things to strata owners to reduce insurance risk exposures.
So, it looks like the strata insurance crisis is global.
You can read the full article Help! My Association Can’t Afford its Insurance Premiums here.
And, thanks @AltitudeCommunityLaw