Insurance and the Materials Price Increase

From May 1, the construction industry will experience a significant rise in the cost of materials, particularly steel which will impact a range of building products. This recent volatility in the materials market, combined with the GFC could mean that your managed property is now seriously under-insured, leaving your managing body potentially exposed.

QBM has determined that many residential and commercial complexes may now be at risk. It is highly recommended that you urgently review your insurance coverage in advance of this official materials price increase to ensure your managed properties are adequately insured.

Why should you review your insurance cover now?

If your commercial or strata managed property is subjected to an insurance claim, you could find your managing body and/or owners, significantly disadvantaged on account of inadequate insurance cover. This scenario may occur if the initially established insurance cover was too low, or if it has not been reviewed over time in line with environmental and economic changes. An external and objective insurance valuation will ensure your property has the appropriate level of insurance cover to deal with all circumstances, including extreme materials fluctuations.

Don't risk having an under-insured property

It’s vitally important that you don’t wait till it’s too late to review your insurance coverage. There are many accounts of under-insured properties leaving commercial bodies and strata managers significantly out of pocket and subject to legal action. QBM are the insurance valuation experts and will provide you with an accurate and complete valuation on your managed property which will significantly cover all areas and potential scenarios.

For complete peace of mind, and to ensure your commercial or strata managing body is completely safe, contact QBM today and organise your urgent insurance valuation. Email inspections@qbm.com.au or call 1300 880 466.