Strata insurance is a must for all strata schemes in Australia. It provides protection for the owner’s corporation against legal liability arising out of property damage or personal injury to people using the common property. In the event that someone is injured on the common property, strata insurance will cover the costs of any medical treatment and any compensation that may be awarded by a court. Strata insurance also covers the costs of repairing or replacing common property damaged by fire, storms, vandalism, or other events.
Strata Insurance Covers The Cost Of Building Repairs
Strata insurance protects building owners against the cost of repairing damage to common property. This type of insurance is mandatory in most Australian states and territories, and it is vital for ensuring that buildings are safe and well-maintained.
Strata insurance covers the cost of repairs to common property, such as walls, ceilings, floors, lifts, and roofs. It also covers the cost of the replacement or repair of common fixtures and fittings, such as carpets, blinds, and light fittings. In addition, strata insurance provides cover for legal liability arising from damage to third-party property or injury to third parties caused by the negligence of the strata corporation or its members.
Strata Insurance Covers The Exterior Structure Of Your Complex As Well
Strata insurance covers the exterior structure of your complex as well. This means that if there is any damage to the outside of your building, your strata insurance will cover the repair or replacement costs.
Most strata insurance policies will also cover common areas of your complex, such as the swimming pool, gymnasium, or sauna. If these areas are damaged, your strata policy will pay for the repairs.
Your strata insurance policy will also provide cover for loss of rent if your complex is damaged and you are unable to live there. This cover is designed to help you meet your mortgage repayments and other expenses while your complex is being repaired.
Strata Insurance helps to protect your investment and personal property.
Strata insurance covers the cost of replacing your personal property. If you have an important item that was damaged or stolen in a strata development, it’s covered by strata insurance.
For example, if you were away on vacation and returned to find that someone had broken into your unit and stolen some valuables from inside it (like jewelry), you would be covered under your Strata Insurance policy for replacement costs for things like these items. The same goes for any other type of damage caused by an intruder such as broken windows or doors; these are all covered under strata policies too!
Strata Insurance Helps To Protect You From Lawsuits
If someone damages your property, they may have to pay for repairs and cover any losses that result from their actions. Without strata insurance, it could be very difficult for you to sue someone who has damaged your complex because the cost of legal representation would be too high for most people’s budgets.
Strata insurance can help to protect you from the risk of being sued. If a member of your strata association is involved in a lawsuit, their strata insurance will cover the cost of legal fees and settlements. This means that while they may be out of pocket, they won’t be left holding the bag alone when it comes to paying off any damages awarded against them.
Strata Insurance Is Required By Your Strata Corporation
Strata insurance is required by your strata corporation. This means that if you are not insured, you could be fined or evicted from the building.
In most cases, strata buildings were built before the requirement of having this type of insurance was imposed on them. However, if a homeowner wants to sell their property and move out of their strata unit then they should make sure there are no outstanding claims against them with respect to damage caused during their occupancy period before they sell it as well as any other expenses incurred while living in that particular unit such as maintenance costs etcetera
Conclusion
In conclusion, strata insurance provides many benefits to those who live in strata-titled properties. It protects them from financial loss in the event of damage to their property, and it also provides liability coverage in the event that someone is injured on the property. Strata insurance is an important part of owning a strata-titled property, and it is something that all owners should consider purchasing.
