Did you know that if you own a body corporate or unit on a strata title, you are by law need to have strata insurance in place?
While buying insurance the obligation isn’t all on you, though – the expenses of strata policy insurance should be funded by the strata title owners. This is in accordance with their possession intrigue which is generally a fraction of the shared costs relating to the joint ownership of the overall property.
What Does Strata Insurance Cover?
- Residential strata insurance or body corporate insurance is intended to cover the greater part of the mutual regions of a strata property. Think of things like car parks, gyms, lifts, lobbies, and pools.
- While the nature of cover will differ amongst insurers, most residential strata insurance policies are intended to deliver cover for shared to damaged areas, as well as public liability insurance. This latter perspective gives cover if an outsider supports damage on the common property, and will probably give cover to any therapeutic or legitimate charges.
Things to Bear In Mind
If you are a body corporate/residential strata title owner, there are some other insurance-related things you should know.
- Having strata insurance will only offer cover for the shared areas. While some basic parts of the property you exclusively possess may fall under the coverage, this coverage won’t expand extremely far. So, on the off chance you want to protect your personal property against damage, fire, theft, flood, or anything else, you will need to have other appropriate insurance policies in place.
- Something else that may be worth knowing is the elements that add to the premium of private strata protection. These elements are basically the same as those that add to premiums for home and contents insurance.