Protect jointly owned properties.
This is a multi-class package policy, intended to cover unique risks, not only to the buildings but also to owner’s association, individual unit owners, and the board members.
Key sections of the policy are buildings & alternative accommodation, liability to others, voluntary workers, workers compensation & employer’s liability, fidelity guarantee, board members legal liability, and machinery breakdown.
This Insurance is specifically designed to protect jointly owned properties in compliance with ownership of jointly owned properties.
Strata Insurance generally covers the building and common property and contents as defined on the title for the property. This might include common areas, garden equipment, wiring, lifts, swimming pools, car parks, walls, windows, gardens ceilings, and floors. These policies often have to cover common property that the average home policy does not.
Strata insurance covers only common or shared property and may list certain exclusions, such as coverage against landslip or flood damage, or for the property’s fencing. It is important to remember this type of insurance doesn’t cover the contents and personal items.
It is important that you have the appropriate contents cover for your belongings, and for things strata insurance doesn’t protect against.