What property investors must know about strata insurance

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

·         Lifts

·        Stairwells

·        Car parks

·        Pools

·        Gardens

·        Windows

·        Floors

·        Walls

·        Ceilings

·        Appliances

·        Furniture

·        Fittings

·        Equipment

·        Carpets

·        Works of art displayed in common areas

·         Material damage to structural fixtures

·        Lot owners’ fixtures, fittings & improvements that form part of the building

·        Balconies

·        Air-conditioning

·        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 insured peril

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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Marlene Liontis
Sunday, 8 December 2019

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