Each week, Insurance for Strata brings you a clear, no-fuss wrap of the biggest Australian strata and insurance stories. We filter regulatory updates, premium trends, weather and catastrophe impacts, building compliance developments, and notable claims decisions into a quick, reliable brief. Designed for committees, strata managers, and property stakeholders, it helps you stay informed, spot emerging risks, and understand what’s changing across states—so you can make confident, timely decisions without wading through headlines.
This Week:
This week: NSWs Emergency Services Levy continues to load premiums, Victoria advances 10‑year defects insurance for apartments, a draft enforceable General Insurance Code proposes stronger consumer protections, and NSWs flood buyback and resilience programs are running behind plan. Paige outlines why each development matters for strata committees and practical steps to stay covered while managing costs.
EPISODE 2196 | Insurance for Strata Weekly News Wrap | Wed, 24th Jun 2026
29 Jun 2026 | Paige Estritori
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Read Full Transcript:
Hello and welcome to Insurance for Strata Weekly News Wrap, Im Paige Estritori, and its Wednesday 24 June 2026.
First, New South Wales. The Emergency Services Levy, or ESL, baked into insurance premiums, is set to pull about one‑and‑a‑half billion dollars from households and businesses in 2026–27. Industry analysis says thats a sharp rise over recent years, with commercial property lines hit hardest. Why it matters for strata: committees budgeting for renewals in NSW should expect the ESL line to stay material, so review sums insured and risk improvements early, and work with your broker to keep cover adequate while managing cost pressure.
Next up, Victoria is pressing ahead with decennial—meaning 10‑year—defects insurance for new apartment buildings. With the upper house clearing the legislation last week, the state is now developing the regulations. The policy model is designed as first‑resort and no‑fault for major building‑element defects. For owners corporations, thats separate to your strata building insurance, but it can reduce long, costly defect disputes and help you maintain comprehensive cover without gaps.
Meanwhile, the insurance industry has released a draft General Insurance Code of Practice that would, for the first time, be contractually enforceable. It proposes clearer obligations on claims handling, timeframes, transparency, and support for vulnerable customers. For strata committees, expect more structure around information requests and claim milestones. Practical move: keep maintenance records and defect logs tidy so you can respond quickly and keep claims progressing.
And in flood recovery, an Audit Office review says NSWs Resilient Homes and Resilient Lands programs have delivered slower than planned. Buybacks and resilience upgrades are lagging original targets, meaning more properties may sit in high‑risk locations for longer. If your scheme is in a flood‑exposed area, keep your valuations current, consider practical mitigations like plant‑level protections and drainage checks, and ask your broker about how resilience measures can support coverage and pricing.
Thats the wrap. For tailored strata insurance, clear comparisons, and support on claims and compliance, head to insurance-for-strata.com.au. Im Paige Estritori—thanks for listening, and talk to you next week.
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
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Knowledgebase
Insurance broker: An agent acting on behalf of the insured (not the insurance company) who negotiates the terms and cover provided by the insurer in the insurance policy.
