If you own a unit in a building complex, it’s very likely you don’t need to worry about residential strata insurance because the complex is already managed by a body corporate or some other sort of body. Your real estate agent can tell you if the unit you bought is under the administration of a body corporate and if it has strata coverage.
However, things change if you’re the owner of the property. In this case, your property has no body corporate to manage it, and as such, it also doesn’t have a residential strata insurance. For example, if you’re the owner of one of two properties that share a driveway. In this case, it’s more than recommended to discuss the matter of strata coverage with the other owner and set up your own appropriate body.
Since it’s very possible you don’t have any legal experience or knowledge about strata insurance and what it should cover, it’s advisable to get in touch with an insurance expert to see what type of insurance you should contract. The insurance usually covers natural events, like fires and storms, break-ins, theft, as well as costs for lost rent.
Moreover, well-chosen insurance policy will also cover the cost for temporary accommodation for unit owners, removal and storage of contents due to property damage, and legal liability. A premium strata policy also adds the costs for shared contents like laundry and gym equipment. The best strata insurance for you depends on your needs and insurer! Let us find the best insurance company for you!