Strata Insurance
Strata Insurance is essential for Body Corporations, also known as Owners Corporations. It protects both residential and commercial properties, including apartments, duplexes, townhouses, and office buildings. This coverage safeguards against events like natural disasters, fire, and malicious damage.
Body corporations have specific legislative responsibilities that vary by state. Selecting the best strata insurance policies is crucial for ensuring compliance and protecting the interests of all owners within the strata scheme. Both residential and commercial strata insurance provide essential coverage for body corporates, addressing key areas such as:
Building damage
Public liability
Common Property Contents
Theft and Vandalism Protection
Common Area Liability
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What is Strata Insurance?
Strata insurance is a specialised type of cover designed to protect shared property and common areas within multi-unit buildings, such as apartment complexes, townhouses, and commercial buildings. It is essential for properties under a strata title, where multiple owners share ownership of common spaces.
What Does Strata Insurance Cover?
Strata insurance typically covers the building structure and shared areas such as hallways, lifts, driveways, and gardens. The policy may also extend to cover common property items like pools, gyms, and car parks. Essential protection elements include:
- Building damage: Covers damage from events like fire, storms, and vandalism.
- Public liability: Protects against legal claims for injuries that occur on common property.
- Common property contents: Covers shared items, such as furniture in communal areas.
Why Is Strata Insurance Important?
Strata insurance is not just an optional extra; it is a legal requirement for properties under a strata title in many areas. It ensures that the building and common areas are protected, which provides peace of mind to owners and tenants alike. Additionally, it helps in avoiding disputes and financial issues in case of accidents or damage.
Strata Insurance for Residential vs. Commercial Properties
There are distinct differences between residential strata insurance and commercial strata insurance, though both serve the same core purpose. Residential strata insurance typically covers living spaces and amenities, while commercial strata insurance includes coverage for shared areas in commercial buildings, which may face different risks due to the nature of the businesses operating within.
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Kirsty is tenacious and driven in both her professional and personal pursuits. She is a go-getter, consistently inspired by the entrepreneurial spirit of Elon Musk. Outside of work, she enjoys yoga, boxing and jet skiing. She placed third in the world for karate at the age of nine, and now holds a Black Belt First dan in Karate.