Business
Surge in insurance premiums to push up reno costs for apartment owners – Sydney Morning Herald
A hike of up to 50 per cent in premiums for building work on apartment blocks, terraces and townhouses will start to be passed onto owners from late July.
The insurance does not cover the construction of apartment buildings higher than three storeys. In the wake of Sydneys Mascot and Opal towers debacles, laws were passed last year in an attempt to clean up the construction industry. They included giving the states Building Commissioner powers to crack down on unscrupulous builders and developers of high-rise towers.
Owners Corporation Network executive officer Karen Stiles.Credit:Louie Douvis
A report by the pricing regulator in November found the…
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