Keep Recent Renovations Protected with Lot Owners' Insurance
When a strata property is destroyed or severely damaged, insurance typically pays out based on the most recent building valuation. However, if a lot owner has completed renovations since that valuation, such as a new kitchen or internal fit-out, those upgrades may not be included in the insured amount.
Lot owners’ fixtures and improvements insurance fills that gap. It provides cover for renovations and structural upgrades carried out by individual lot owners who are part of a strata complex. As long as the owner can supply proof of the completed works, such as receipts or photos, the insurer can provide compensation up to a set limit defined in the policy. Without this cover, any improvements made after the last valuation are essentially uninsured. In the event of a total loss, the lot owner could be left out of pocket for any recent renovations.
We're Perth's Strata Specialists
With years of experience in the Western Australian market, our team at Lync Insurance understands the unique needs of strata communities. Get in touch with us for expert advice and guidance, whether you’re reviewing an existing policy or setting up a new one. We specialise in strata insurance and can help you find an insurance policy that will cover you for lot owners’ fixtures and improvements.
