Residential and Commercial Strata Insurance, also known as Body Corporate Insurance, covers the property and common contents under the management of a body corporate or strata title.
Strata insurance is compulsory in most states of Australia; however, each state has its own legislation so it’s important you find the correct policy that covers your states legislative requirements.
Residential and Commercial Strata Insurance is cover designed to protect the specific needs of Residential and Commercial Strata Plans and Body Corporates, covering such things as:
- Common area contents
- Office Bearers’ Liability
- Fidelity Guarantee
- Workers’ Compensation
- Voluntary workers
- Swimming Pools
- Car parks
- Shared Gardens
- Loss of rent / temporary accommodation
There are also some things that are not covered by strata insurance, such as flood damage or fencing etc. Strata insurance also doesn’t cover the owner/tenant’s personal contents or belongings. It’s important that you read the policy thoroughly or seek advice from an expert to make sure you and your property are sufficiently covered.
The total strata insurance cost is usually split between the owners of the strata units. Costs are normally negotiated between the strata company and the insurer. This is then presented to the owners after an excess and premium is calculated. These costs depend on several factors such as the age and condition of the building structure, the risks involved with the site, the claims history of the body corporate and government taxes.
For more information and up to date advice on Strata Insurance contact Phoenix Insurance Brokers today.