Every strata company is obliged to have appropriate strata insurance for their insurable assets including the building. However, figuring out what needs to be insured and what doesn’t can become confusing.
Strata insurance is often clouded by insurance jargon. Because every property has different insurance requirements, it’s hard to know which policy to choose. Insured property is the first type of strata insurance that should be considered.
What is Insured Property?
Insured property (or property insurance) covers the insurable assets of the strata against accidental loss or damage not otherwise excluded. It provides coverage for the buildings and common area contents as defined in the Product Disclosure Statement, including but not limited to outbuildings, fixtures and structural improvements, gates, and fences both within common areas and the individual lots.
Types of strata property that should be insured include foyers, driveways, gardens, garages, lifts, walls, windows, pool, and communal furniture.
If part of your strata’s property is damaged, figuring out who’s responsible for fixing it can be difficult, especially if the damage is in a shared or common area, such as a foyer or garden. Insuring your property makes this process simple as the damage will be covered.
Does Your Strata Insurance Cover Building & Common Areas?
Property insurance is mandatory as required by the Strata Titles Act but still misunderstood. Strata policies usually include most elements of the strata property, however policies often vary in benefits and how they apply when a claim is made.
All members of the strata must be familiar with your strata insurance policy. It’s not until a claim is made that you realise there are uninsured gaps in your cover.
Navigating strata insurance is tricky, but our specialists can make it simple. We explain your statutory obligations and insurance requirements and help you choose the right cover for your property. Get in touch with our expert team today for strata insurance guidance.
