Personal Home & Residential Insurance
Strata Insurance
Who needs this insurance?
Under recent amendments to residential strata law, all owners’ corporations with more than two units are obliged to package their insurance for the buildings and liability for the common property under a residential strata insurance policy.
What does it cover?
As a minimum, reinstatement and replacement of the buildings and common areas, and public liability cover with a minimum limit of $10,000,000.
Optional extensions include:
- catastrophe insurance
- lot owners’ improvements to the building
- machinery breakdown
- office bearers’ legal liability
- fidelity guarantee
- legal defence expenses
What are the benefits of taking it out?
- The premium savings for combining insurance of the shared assets can be considerable.
- We are able to provide individual invoices for each property owner within the strata.
How do I work out how much to insure?
The most effective way to ascertain current replacement costs of the buildings is to obtain a professional valuation. This will ensure that the value nominated accurately reflects the true cost of repairing or rebuilding to current standards, including costs for removal of debris and engaging professionals required during the rebuilding process.
