What is strata insurance?
If you own a townhouse, unit, or apartment and you’re sharing common space with others, you don’t want to be left to foot the bill if there’s damage to shared parts of the building or items.
Strata insurance protects the building and common areas or facilities, with the premiums paid for by the owners’ corporation.
What can it cover?
Strata insurance can cover the building and all common or shared property, and contents which belong to the owners’ corporation. The type of cover and its cost will depend on the kind of building, where it’s located and the amount of common property you share.
|Type of Cover||Potential Benefits|
|Building and common contents||Building and common content including equipment, furniture, carpets etc in any common area for which the owners’ corporation is responsible. This can include cover for loss of rent or alternative accommodation due to an insured peril.|
|Public liability||If people are injured on common property.|
|Personal accident for voluntary workers||Compensation to any person injured while carrying out voluntary works on behalf of the owners’ corporation.|
|Office bearer’s liability||For office bearer’s if a claim arising from wrongful acts by the office bearers.|
|Fidelity guarantee||Loss arising from misappropriation of funds belonging to the owners’ corporation.|
|Mechanical and electrical breakdown||Physical damage to machinery or electrical items caused by breakdown.|