ICA Calls for Reforms to Victoria's Strata Laws Amid Rising Insurance Costs
ICA Calls for Reforms to Victoria's Strata Laws Amid Rising Insurance Costs
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The Insurance Council of Australia (ICA) has called for significant reforms to Victoria's strata legislation, highlighting that poor governance and deferred maintenance are leading to increased insurance premiums for the one in five Victorians residing in strata-titled properties.
In a submission to the Expert Panel Review of the Owners Corporations Act 2006, the ICA emphasized that building defects are costing Australians an estimated $1.3 billion annually, with many strata buildings facing challenges in securing affordable insurance due to structural issues and inadequate risk management.
The ICA's recommendations include enhancing transparency and accountability within owners corporations, providing better education resources for committee members, and implementing stronger enforcement mechanisms to address building defects. These measures aim to improve the management and maintenance of strata properties, ultimately leading to more affordable insurance premiums for property owners.
Property owners and investors are encouraged to stay informed about potential legislative changes and to actively participate in the governance of their strata schemes. By promoting better management practices and addressing maintenance issues promptly, strata communities can work towards securing more affordable and sustainable insurance coverage.
Published:Saturday, 24th Jan 2026 Source: Paige Estritori
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Grace Period: A time period after the premium is due during which an insurance policy remains in force even if the premium has not yet been paid.
