INSURED PROPERTY
Insured Property
Every strata company is obliged to have appropriate strata insurance for their Insurable Assets including the building. But how do you know what you need to insure?
Good question. Strata insurance is often clouded by insurance jargon. Because every property has different insurance requirements, it’s hard to know which policy to choose.
The first strata insurance you need to consider is Insured Property.
What is Insured Property?
Insured Property insurance covers the Insurable Assets of the strata against accidental loss or damage not otherwise excluded. It provides coverage for the buildings and common area contents as defined in the PDS, including but not limited to outbuildings, fixtures and structural improvements, gates, fences both within common areas and the indiidua Lots.
Examples of Insured Property are foyers, driveways, gardens, garages, lifts, walls, windows, pool, and communal furniture.
Think of it like this. If a storm damages a communal garage door, who covers it? What about the foyer of an apartment building? Everything inside this area is the strata company’s responsibility.
Does your strata insurance cover building & common areas?
Insured Property insurance is mandatory as required by the STA but still misunderstood. Strata policies usually include most elements of the strata property, but many vary in benefits and how they apply when a claim is made.
All members of the strata must be familiar with your strata insurance policy. It’s not until a claim is made that you realise there are are uninsured gaps in your cover.
Navigating strata insurance is tricky, but we try to make it simple. We explain your statutory obligations and insurance requirements, then help you to choose the right cover for your property.