Having adequate insurance cover is a consideration for everybody. What is adequate insurance when it comes to strata insurance and what does it cover?
Brett White of RE/MAX Extreme says, “Whilst strata insurance is generally handled by the strata management company, it is wise that the owners are aware of the amount, type and features of the strata insurance policy.”
In general, common property must be insured by the owner’s corporation and all personal property within an apartment is the responsibility of the occupier/owner.
All Australia strata title properties are required to insure the building and maintain insurance under a relevant damage policy with an approved insurance company.
In most cases strata schemes are required to also take out cover for public liability and workers compensation insurance.
If you own, or are considering purchasing a strata titled property, familiarise yourself with what the Strata Insurance covers to ensure adequate protection.