Strata Insurance: The Facts You Should Know

Strata Insurance: The Facts You Should Know

If you own a flat or residential apartment, it’s expected that you’re already paying for Strata Insurance as part of a Body Corporate fee. Here are some of the facts you should know about this type of insurance.

  • If an apartment, flat, or townhouse has common areas shared access then it’s very much likely a Body Corporate manages the maintenance of these areas. In order to safeguard common areas on the off chance that they get damaged, Body Corporates will pay a yearly premium for Residential Strata Insurance.
  • Strata Insurance typically provides cover for the shared or common property for flat, complexes, or apartment buildings. And also protecting the building itself, Residential Strata insurance also spreads to cover the common areas such as balconies, car parks, gardens, lifts, pools, spas, and even tennis courts.
  • Many residential owners assume that they are fully covered for damages to the ceilings, floors and floor coverings, and windows in their apartments as they are thought to be part of the building. However, this isn’t generally the case. The Strata Insurance policy may ignore certain property features, and doesn’t cover substance or individual things.
  • Body Corporates need to guarantee that the insurance policy covers the essentials of the property sufficiently and that it is protected for the correct amount. In the event of a flood or fire, you would prefer not to be gotten out by under guaranteeing or not having reviewed your policy. One insurance policy will cover single units or multiple properties within the building so you don’t need to buy more than one.
  • Residential Strata Insurance cover is a typical type of insurance and numerous organizations offer this sort of cover for Body Corporates. Using a qualified insurance broker is often a good choice as they can offer a ready-made programme for the building’s needs or arrange and have more aggressive premiums.

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