If you live in an older building, or are looking at buying into one, take a close look at such things as depreciation reports to see if the strata has planned for current and future repairs. (TONY GIOVENTU FOR 24 HOURS)

Are annual insurance appraisals a must?

Dear Tony: We have been recently approached by the company who did our appraisal for insurance in 2015 and were advised that we must have an annual insurance appraisal to meet the requirements of the Strata Act. Is this correct? Can we find anything in the legislation or online?