In New Zealand? Visit quarter.nz for body corporates.
Building insurance is compulsory for a owners corporation everywhere in Australia and New Zealand, and almost every building holds a policy. Far fewer can tell you when the sum insured was last checked against a real valuation, what the excess is, or what the policy does not cover. Construction costs have moved sharply since 2020 and many policies have not moved with them. That gap is not discovered at renewal — it is discovered at the claim.
Victorian owners corporations must hold reinstatement and replacement insurance for the building and public liability cover, and the state has a particular exposure right now: a large share of Victorian buildings are insured on valuations struck before the construction cost inflation of the last several years. Estimates of the number of Victorian buildings needing a fresh valuation run into the tens of thousands.
Governed by the Owners Corporations Act 2006, administered by Consumer Affairs Victoria.
Not indexed — done. This is the single most useful question in Victoria at the moment.
In Quarter: Quotes, studies, assessments and correspondence attach to the decision that authorised them, so the file an assessor, an owner or a buyer's solicitor asks for is already assembled.
Construction costs since then have moved far enough that an older figure is unlikely to be adequate.
Demolition, debris removal, professional fees, code compliance and escalation during the rebuild period.
Sixty days. Victorian renewals bunch, and late enquiries get less attention.
In Quarter: Upload the policy and Quarter reads the insurer, policy number, dates, premium and broker straight off it, then puts the renewal on the calendar far enough ahead that you can go to market rather than accept a rollover.
With quorum. A capital-scale decision resting on an interim resolution is not a comfortable position.
Two dates in a calendar solves most of this permanently.
In Quarter: The ownership register, financial records, insurance, contracts and documents sit in one searchable place, so a handover is an export rather than an archaeology project — and they are still there when the committee turns over.
The most common Victorian insurance problem, and the one that only surfaces at claim time.
Rebuild cost and market value are different numbers, and in Victoria they diverge sharply.
These are where Victorian claims are most often refused.
The premium is one of the largest single lines in most buildings' budgets, and it is the one most often accepted without a question. Two questions — is the sum insured right, and what are we actually covered for — change the answer more than shopping around does.
A renewal handled well takes an hour and saves years of exposure. Quarter is what makes that hour possible.
Certificate of currency, schedule, valuation and claims history in one place, current, and visible to owners rather than sitting in a broker's inbox.
Diarised well before the date, so the building goes to market rather than accepting a rollover three days out.
Building details, claims history, maintenance records and the valuation date, ready to hand over instead of reconstructed each year.
When it was done, when it is next due, and what the sum insured is against it.
Which policy, at what excess, on whose recommendation, minuted — so next year's committee knows why, and so does an owner who asks.
General information about Victoria, not legal or financial advice for your building. Legislation is amended and grant programmes open and close — check the current position with Consumer Affairs Victoria or the administering body before you act on anything here.
Tell us about your building in Victoria and we will show you exactly how Quarter would run it.
