With the recent storms that ravaged Sydney a lot of owners of Strata property were caught short which brings up the question

What does strata insurance cover? 

Strata insurance generally covers common or shared property as defined on the title of the property. This might include common areas, lifts, pools, car parks, gardens, wiring, balconies, walls, windows, ceilings and floors. Strata insurance must provide liability cover in the event people are injured on common property. You should check what is covered under your strata policy

What does strata insurance typically NOT cover?

Strata insurance is like any other form of insurance, in that there are restrictions to the policy expressed as exclusions. Each insurer has different exclusions and policy terms and conditions. Make sure you understand what is excluded from the policy your body corporate or strata manager has purchased. Exclusions can be for certain risks, such as landslip or flood, or for certain property features such as fencing.

These following items may not be covered by your Body Corporate Insurance:

  • Carpet
  • Paint
  • Wallpaper
  • Light Fittings
  • Internal window coverings
  • Ceiling tiles
  • Kitchens
  • Bathroom fittings

In QLD the Air-Conditioning is not included if it services only a specific lot even if it was a part of the original build.

Remember, strata policies do not cover your contents and personal items

Is this the only cover I need ?

No. You should make sure you have appropriate contents cover for your belongings and for those things strata insurance does not protect. Strata insurance covers only common or shared property. This may include some of the fixed parts of your unit, but will not cover everything. It is important you read the policy purchased by your manager or body corporate to understandwhat is and is not covered in your unit.

Source:Insurance Council of Australia

Leave a Reply

Your email address will not be published. Required fields are marked *