insurance

ABC is asking apartment owners to share their stories

2024-04-02T15:02:59+11:00

In light of the recent 730 Report expose on allegations that a major NSW strata management firm has been charging excessive fees for insurance services and receiving payments from suppliers without full disclosure of the arrangements, the ABC is now asking owners to share their stories abc.net.au/strata OCN celebrates and supports those strata managing agents acting ethically.  However this is not an isolated case and we see this as an invaluable [...]

ABC is asking apartment owners to share their stories2024-04-02T15:02:59+11:00

Strata practices report unleashes torrent of criticism

2024-03-27T15:11:02+11:00

25 MARCH 2024 Allegations that a major NSW strata management firm has been charging excessive fees for insurance services without full disclosure of the arrangements have touched a nerve and triggered a torrent of criticism directed at practices within the sector. The Australian Consumers Insurance Lobby (ACIL), a strong advocate on strata insurance issues, last week joined with the Owners Corporation Network of Australia (OCN) and the Unit Owners Association of [...]

Strata practices report unleashes torrent of criticism2024-03-27T15:11:02+11:00

United Call for Investigation into NetStrata Practices by Regulatory Bodies

2024-03-27T18:45:04+11:00

22 MARCH 2024 In response to alarming revelations broadcast on ABC’s 7:30 Report, the Australian Consumers Insurance Lobby (ACIL), Owners Corporation Network of Australia (OCN), and Unit Owners Association Queensland (UOAQ) are jointly calling upon ASIC, ACCC, and the Strata & Property Services Commissioner of New South Wales to commence a thorough investigation into the practices of NetStrata and its associated entities. “OCN is deeply troubled by the findings reported on [...]

United Call for Investigation into NetStrata Practices by Regulatory Bodies2024-03-27T18:45:04+11:00

ACIL, apartment owners call for ‘thorough investigation’

2024-03-26T08:59:57+11:00

22 MARCH 2024 The Australian Consumers Insurance Lobby (ACIL), the Owners Corporation Network of Australia (OCN) and the Unit Owners Association of Queensland (UOAQ) have issued a joint call for national and NSW regulators to start a “thorough investigation” into the practices of strata management firm Netstrata and its associated entities following issues identified by the ABC this week. “The integrity of the strata management and insurance sectors is paramount for [...]

ACIL, apartment owners call for ‘thorough investigation’2024-03-26T08:59:57+11:00

Consumer Groups Demand Explanation from Insurers on Lack of Cover in Northern Australia

2024-03-19T14:39:21+11:00

15 FEBRUARY 2024 Australian Consumers Insurance Lobby Inc (ACIL), Unit Owners Association of Queensland (UOAQ), Owners Corporation Network of Australia (OCN), and NQ Strata Action Group have collectively issued a formal request to the Insurance Council of Australia (ICA) seeking an explanation for the lack of insurance coverage offered in Northern Australia, despite the implementation of the Cyclone Reinsurance Pool (the Pool). Read Joint Media Release:> 240215 Joint ACIL, UOAQ, OCN, [...]

Consumer Groups Demand Explanation from Insurers on Lack of Cover in Northern Australia2024-03-19T14:39:21+11:00

Elephant In The Room Property Podcast

2023-11-17T10:46:06+11:00

30 OCTOBER 2023 OCN discussed "Strata Properties: What's Changing and Why? with buyers agent Veronica Morgan and mortgage broker Chris Bates. Listen here:> https://www.theelephantintheroom.com.au/podcasts/304 00:00 - Introduction 01:25 - Who is Karen Stiles? 02:26 - Building commission changes in NSW and its impact on property owners 08:02 - Complexities, challenges, and risks in strata property insurance 13:21 - Can the strata commissioner contribute to improved strata property management? 14:48 - [...]

Elephant In The Room Property Podcast2023-11-17T10:46:06+11:00

Backroom deals in strata insurance and how they’re costing you

2024-04-05T13:00:36+11:00

10 OCTOBER 2023 Long-standing conflicts of interest can have a big impact on premiums. There are a lot of moving parts when it comes to strata insurance, and a lot of the movement is hidden from the people who pay for it. Karen Stiles, executive director of the Owners Corporation Network (OCN), a not-for-profit strata owners' advocacy group, has long campaigned for the removal of insurance commissions and broker fees in [...]

Backroom deals in strata insurance and how they’re costing you2024-04-05T13:00:36+11:00

Apartment owners face strata fee increases of 20 per cent as costs soar

2023-07-19T10:50:04+10:00

19 JULY 2023 Strata levies paid by apartment owners are up by 15 to 20 per cent on average over the past year as the costs of insurance, utilities and repairs and maintenance outstrip even the rapid rise in general inflation. Apartment owners are facing an increase in strata fees on top of rises in mortgage repayments. Without any official source of strata levies, the evidence for rising levies is anecdotal, [...]

Apartment owners face strata fee increases of 20 per cent as costs soar2023-07-19T10:50:04+10:00

Decennial Liability Insurance a Game Changer

2022-11-07T18:07:25+11:00

2 NOVEMBER 2022 The peak body for apartment owners is urging NSW apartment buyers to be cautious or steer clear of new projects that are not offering 10-year liability insurance which it describes as a “game changer” for protecting apartment and unit owners from dodgy builders. Read Media Release:> 221102 Decennial Liability Insurance a Game Changer

Decennial Liability Insurance a Game Changer2022-11-07T18:07:25+11:00

NSW apartments: New defects insurance scheme to protect off-the-plan buyers

2021-10-25T09:53:40+11:00

23 October 2021 Dodgy developers and bad builders who construct shoddy apartment towers that can lead to heartbreak and financial ruin for home-buyers are set to be driven out of NSW with a ground-breaking new defects insurance scheme. The DLI advisory panel comprises insurance experts, developers, financiers, strata bodies and the apartments consumer representative, the Owners Corporation Network (OCN). OCN executive officer Karen Stiles said members were excited by the news [...]

NSW apartments: New defects insurance scheme to protect off-the-plan buyers2021-10-25T09:53:40+11:00
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