lower strata insurance

How a Roofing Company Can Help you Lower your Strata Insurance

Insurance rates continue to rise every year, and property owners can feel powerless, but there are some things you can do to save money.  Since changes in the structure of your property will affect your insurance rates, you can work something out to lower your strata insurance premiums.
Some home improvement projects aren’t exclusively meant to increase the value of your property; they also increase protection and security. You know by now that security and protection are determining factors in deciding how much you’re paying for your insurance premiums.

Investing in a New Roof

The roof arguably has the most significant impact on your strata insurance rate. No other home feature compares to the structural value of the roofing system; so, when a massive storm wreaks havoc to your property, the first in line for repairs is the roof.
Insurance companies know all too well how a new roof dictates the insurance coverage they offer to their clients. If you reside in an area where hailstorms, tornadoes, and wildfires are commonplace, then having an old roof usually corresponds to limited coverage. Investing in a new roof reinforced with special protection increases your chances of extending the coverage.
Roof replacement doesn’t come cheap, and a DIY approach may cost you more. Since it is an investment to improve your property and lower your strata insurance, you’re better off hiring a professional roofer. Reputable roofing companies provide work guarantee and product warranty – two things you don’t get when you’re planning to replace the roof on your own.

Roof-Related Property Damage

A strata owner is responsible for the protection of the common property from possible damage, and there’s more to this than just comfort and security in your dwelling. Being knowledgeable about the common residential strata insurance claims is part of that responsibility. Incidentally, many of the possible risks to the property are related to the roofing structure:
1 – Water Damage
Almost 40% of residential strata claims each year involves water damage, i.e., a leaky roof and clogged gutters. The problem with most water-caused damage is that they’re difficult to spot. So, insurance companies are wary when the property has an old roof with apparent signs of deterioration and damage.
There’s good reason to work with a roofing company to fix your roof if you want to lower your strata insurance. Insurance companies can’t help but worry once they see a roof in terrible condition. Fixing your roof with the help of an expert roofer costs you money, but you end up benefiting from it in the long run.

2 – Weather-Related Damage

The roof protects everything and everyone underneath it. In so doing, it bears the brunt of nature. If you reside in an area with extreme weather conditions, your roof most definitely has a shortened lifespan.
Did you know that almost 30% of strata insurance claims every year are related to weather-caused damage to the roof? The list includes hailstorms, heavy snow, strong winds, and torrential rains. Although you expect to pay a premium just because of the weather conditions in your location, you could be adding more to that if your roof is in bad shape.
A roofing company helps by improving the condition of your roof (or replace it) to give no reason for the insurance company to ask for a premium. For some people, it doesn’t make sense since they’d be spending money on a new roof; but then again, consider it as a long-term investment instead.

Other Ways to Reduce Your Premium

  1. Refrain from making small claims – Don’t forget that the more claims you make, the higher the premium becomes. Some property owners make claims every year, not realizing that doing so increases their premiums and excess. If possible, veer away from claiming strata insurance for minor repair and maintenance needs. The best alternative is to incorporate those costs in your yearly budget.
  2. Come up with a concrete maintenance plan – Insurance companies are well aware that the majority of strata insurance claims are a consequence of the owner’s lack of desire to maintain his/her property. To reduce your premium, show proof of a believable maintenance plan.
  3. Minimize the risks – If you put the effort in minimizing the chances of property damage, you reduce the possibility of an emergency repair. It means you avoid making a claim. If you’re unsure how to mitigate the risks, you can tap the services of a property risk surveyor who furnishes a risk management plan at a reasonable cost.

Update Your Policy

Many property owners fail to acknowledge the importance of updating their strata insurance policy. If you don’t take time to read your policy, you will regret it later. Be reminded that insurance companies update the rate during the renewal each year. So, if you fail to mention any home improvement project, you will have to face a stiffer premium.
A horde of factors contribute to strata insurance premiums and excess, but there are also are ways to lower them. Regardless of what happens in the insurance industry, your job is to keep your building or property in the best condition possible to increase the chance of getting a lower premium.
 

roofing company

5 Things a Property Manager Should Consider when Selecting a Roofing Company

For someone whose job is to manage a commercial building or property, you’re in charge of taking care of all the maintenance and repairs to keep everything in excellent working order. Of course, this implies choosing the best roofing company near you.
Though you usually call a handyman or general contractor for minor repairs, there are times when you’re compelled to call in the pros. One of those instances is when the building is up for a major roofing project, be it replacement, installation, or repair.
A roofing project’s success depends on the guys you hire, so you know how important it is to work with a reputable company. The roof is more than just a structure that protects the building and its residents.
As a property manager, it’s your job to guarantee the tenant’s comfort and convenience. When the attic or ceiling leaks and rats find their way inside through the roof, you’ve got a serious problem on hand. The last thing you need is a line of residents or tenants complaining about those things.
A handyman or general contractor can fix minor problems, i.e., missing shingle, clogged gutters, and sagging roof deck. But when you’re faced with issues that require a major repair job or replacement, you turn to an experienced and licensed roofing company.
How do you find an experienced local roofing contractor? Your job starts by learning what you should look for in your list of prospects. Finding viable candidates is the easy part – the challenge lies in selecting which among the companies in your list deserves the roofing repair or installation contract.
Property managers like you must factor in these things:

1 – Roofing company: License and Insurance

This is non-negotiable. Never compromise on these two in the hope of saving money by hiring a cheap contractor. A local roofer with no license means it doesn’t have the qualifications to obtain one. There’s no sense in operating as an unlicensed roofer when you realize that everyone else gets theirs to become legitimate contractors.
Letting an unlicensed contractor fix or install a roof on a building or property you manage is like playing with fire. When something goes wrong, you’re only putting yourself in a precarious situation; you’re also placing your job as a property manager at risk.
The absence of liability insurance means the property owner is likely to cover the costs of repair in case of damage to the building. The same applies to hospital expenses due to an injury suffered by a worker. So, license and insurance are not just options, but requisites when selecting a roofing company.

2 – Keep your Eyes on The Contract

Put everything into writing. There’s no such thing as a verbal agreement between a property manager and a contractor hired for a roofing project.
Take your time in describing every detail on ink because it will serve as your protection from possible breach of the contract. Anything that’s written and signed becomes a legal proof against the failure to deliver the necessary services.
While the roofer produces the contract, your job is to scrutinize every provision. Pay particular attention to the start date and the estimated completion date. Be sure to account for all the expenses and materials listed.
Signing the dotted contract puts you and the contractor at a bind; it means you agree and consent to all the details written inside. So, before you sign it, be sure you’ve read it at least a couple of times.

3 – Comprehensive Experience in Roofing Services

Not all roofers are created equal. As much as you prefer to hire a company because you played football with the owner in high school, you can’t be subjective or personally attached to this decision.
The one thing that counts the most is the experience of the roofing contractor. Many local roofers handle residential roof repair and replacement, but do they have some experience in roofing projects involving buildings and commercial properties?
There’s a considerable difference between fixing or replacing a roof on an average house and an apartment or building complex.
Experience matters because it tells you that the roofer is less likely to make costly mistakes along the way. Since they’ve done it before, they know how to be successful at it.

4 – Nature of Service when Choosing a Roofing Company

Roofing contractors differ in the manner of fulfilling a job. Some companies choose to work with subcontractors; others hire day-labour workers, and the well-established ones have enough people in their payroll to get the job done.
Some property owners and managers don’t care about how the service is delivered, but you should pay attention to it. The reason is that you’re looking at the long-term effect of a topnotch and reliable service. A roofing company that relies on day-labour and temporary workers isn’t likely to be as dependable.

5 – Future Upkeep

Consider future repair and maintenance needs when you’re about to choose a roofing contractor. As a property manager, your job doesn’t end after the project. Ask your prospects about service guarantee, material or product warranty, and emergency services.
Work with a company that offers ongoing support because you’ll need it sooner or later. It’s a lot more convenient to have one roofer handling all your future maintenance and repair needs instead of going over the tedious job of finding another contractor.
A property manager is responsible for the comfort and welfare of the people residing and renting in the apartment complex, building, or commercial space. Part of that responsibility is taking care of the building, including the roof. Hiring a licensed and experienced roofing company assures that you fulfill this duty.