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Everything You Need To Know About Strata Insurance

Insurance cover is essential for strata communities across Australia and there can very often be misperception as to what must be insured.

MGA Insurance Brokers has partnered with the industry leaders to offer Owners Corporation communities and body corporate the best service available with strata insurance together with superior claims handling advice and reasonable premiums.

What is Strata Insurance?

  • Strata Insurance, also known as body corporate insurance, covers basic contents and property under the administration of a body corporate entity or strata title.
  • Owners of strata units normally share the premium costs of strata insurance as part of their strata insurance fees and liabilities. Strata insurance is compulsory and should likewise give open obligation covering individuals that might be harmed on common property.

What Does Strata Insurance Cover?

  • Strata insurance normally covers the common property and building and contents as stated on the title for the property. This might include car parks, common areas, gardens, garden equipment, lifts, swimming pools, wiring, walls, windows, ceilings and floors. These insurance policies often need to cover properties that the common home policy does not.
  • Other common property that you may come to know is secured under strata insurance policy may include some of the portions of your unit, such as ducted AC, but it will not cover everything. On the off chance that you possess or rent a strata property you should read the policy carefully so that you can understand what is not covered in your unit.

What Does Strata Insurance Typically NOT Cover?

Strata insurance covers only shared or basic property and may incline certain exclusions, such as exposure against flood damage or landslip or for the property’s fencing. It is imperative to note that this type of insurance policy doesn’t cover the contents and personal items of residents or unit holders.

Ensure you have suitable substance cover for your belongings and for those other things strata insurance does not protect.