ICA Advocates for Strata Law Reforms to Mitigate Rising Insurance Costs in Victoria

The ICA's recommendations include lowering the unanimous agreement threshold for strata complex sales to enable faster renewal of ageing, uneconomic buildings that pose insurance risks. Additionally, the council advocates for full disclosure of all payments to strata managers that may influence insurance product selection and a thorough market impact assessment before considering a ban on commissions to avoid unintended premium increases.

These proposed reforms aim to enhance transparency, accountability, and risk management within the strata sector, ultimately improving the affordability and availability of insurance for property owners.