Strata insurance is compulsory and protects you and your property.
It provides general insurance for the building, common property and contents that are managed by the Owners Corporation.
It also pays for the cost of repairing/re-building common property in the event of natural disasters.
More specifically, strata insurance covers the following:
· Common property/common areas/common contents
· Car parks
· Works of art displayed in common areas
Material damage to structural fixtures
· Lot owners’ fixtures, fittings &
improvements that form part of the building
· Electrical conduits/wiring
· Water & sewage pipes
· Stove-tops, built in ovens, kitchen cupboards,
baths, showers & hand basins
· Reinstatement/replacement insurance for
buildings on common property
· Public liability for common property
· Voluntary workers insurance
· Loss of rent/alternative accommodation due to
Strata insurance does not cover contents inside personal
items like blinds, curtains, carpets, light fittings and electrical appliances
that are not wired into the premises.
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Sunday, 8 December 2019