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Strata insurance is a highly specialised product, mandatory for every body corporate in Queensland to have. While it may seem to cover many of the things a normal house and contents policy does, it operates quite differently.
This article, while general in nature, looks at what is covered in a strata insurance policy and what owners should be including in their personal house and contents or landlord’s insurance.
For specific information relating to your scheme’s strata insurance policy, please contact your body corporate manager directly.
What is strata insurance?
Strata insurance is a policy designed specifically for residential strata, group and community title properties, body corporates, owner’s corporations, and strata managers. It normally covers properties within one building, complex or block of land.
On the other hand, building insurance normally covers an individual domestic property that is not part of a strata or body corporate scheme.
Strata insurance usually includes the following in a single policy:
- Building insurance – the damage or loss of the physical building
- Body corporate contents/asset insurance for the common property
- Machinery breakdown – elevators, pumps etc
- Public liability for common property
- Committee member personal liability insurance
- Fidelity insurance – protecting the body corporate’s funds
- Legal defence
- Loss of rent
- Government audit costs
What items are generally covered in a strata insurance policy?
The cover under each policy will depend on the body corporate, the insurer providing the cover, and the specific inclusions and exclusions on each policy.
That said, strata building insurance generally covers the following items:
- The building structure including roof, gutters, walls, doors, ceilings, windows, and other structural elements
- Elevators, escalators, gates, roller doors & car stackers
- Common area facilities (pool, spa, gym, sauna, toilets etc.)
- Fences
- Pergolas
- Built-in cupboards, wardrobes etc
- Satellite dishes
- Signs
- Sinks
- Balcony railings
- Kitchen cabinetry
- Bathroom cabinetry
- Ovens & cooktops
- Shower screens
What items are generally NOT covered in strata insurance?
The following items are generally excluded from strata building insurance, and should be covered separately by each lot owner:
- Public liability inside the lot
- Carpet & carpet underlay
- Curtains & blinds
- Air-conditioners
- Contents items like furniture and clothing
- Dishwashers
- Floating floors – laminate and vinyl
- Domestic appliances
- Temporary walls
- Decorative finishes
- Hot water system
- Ceiling coverings
- Loss of rent from tenant default
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