What did the NSW Strata & Property Services Commissioner say about Strata Insurance in Sydney
The Sydney May 2024 seminar Exploring Tomorrow’s Strata: Insurance Affordability included some of the key players discussing strata insurance issues affecting strata citizens from the 2024 Strata Insurance Crisis.
So, what did they say and how does it matter?
Here’s my key takeaways from the presentation Countering Maintenance Reluctance by John Minns, the NSW Strata & Property Services Commissioner, and a copy of his slide deck.
John Minns: Countering Maintenance Reluctance
That strata title is really about people not property : But, whilst that’s true and the people issues have been de-prioritised for too long and that money is also a big deal, it is property [or more correctly building structure] issues that give rise to the most serious and widespread issues facing strata stakeholders.
Recent events and bad news stories in the mainstream media are create a lack of confidence in strata title buildings, businesses and regulators : That’s very true and if allowed to continue, will maintain strata title’s reputation as the second choice property.
NSW Fair Trading wants to create a strata title sector where everyone is empowered, accountable and trusted : They’re excellent goals which no one can argue with, but we’ve got a long way to go.
The NSW regulator’s focus is on the following 5 areas:
Representations and disclosure by strata managers
Scheme establishment issues by developers and their advisors
Maintenance and repair activities in buildings, especially as they age
Resilience and sustainability for buildings
Insurance, insurability and affordability
His list of 7 things the strata title sector needs to do is:
Improve consumer experiences and outcomes.
Improve communication standards.
Focus on better transparency and not just disclosures.
Review conflicts of interests and self dealing practices.
Build smart business models that provide value.
Build ethics, integrity and trust.
Have hard conversations with all strata stakeholders.
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