What is strata insurance?
Strata insurance is insurance that the owners corporation (also known as the body corporate) are obliged to take out to cover the building, common property and common area contents of a strata scheme such as lifts, pools, car parks, gardens, wiring, balconies, walls, windows, ceilings and floors.
Owners of strata titles typically share the premium costs of strata insurance as part of their strata fees and liabilities. Holding strata insurance is mandatory under each state’s relevant strata legislation.
Strata insurance must provide liability cover in the event people are injured on common property. You should check what is covered under your strata policy.
Does strata insurance cover everything?
No! If a unit owner rents out the premises, then this falls outside the cover provided. The unit owner should then consider taking out a separate Landlords Insurance policy.
If Strata Titled, all Commercial and Residential properties must be registered as per the relevant legislation in each state. Your Body Corporate has a duty to insure the property and make sure the policy meets all the legislative requirements.
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