Residential Strata Insurance
Strata Properties both small and large have unique needs and requirements. Not only are there Buildings that need to be insured but also ;
- Common Area Contents - Communal areas can often be overlooked as to the cost involved to reinstate these areas following a loss,
- Loss of Rent & Temporary Accommodation - If any residence need to vacate after a major loss so that repairs can be undertaken
- Public Liability - Cover for injury or property damage where negligence may be alleged against the Strata.
- Office Bearers Liability - for decisions made as a Strata Manager or if you are on the Council of Owners
- Fidelity Guarantee - Embezzlement of funds from a strata trust account
- Machinery Breakdown / Fusion Cover if you have lifts, pools, bore etc.
- Workers Compensation - To cover injury to any contractors or workers whilst on your property doing work
With all of the above and many other exposures to be considered strata insurance can be quite overwhelming and with many insurers only dealing with insurance brokers and not direct with the public or with Strata Managers to ensure that you have the most appropriate and competitive policy it is best to speak with an Insurance Broker to assist you.