The 3 types of insurance strata property owners will need
Each type of insurance covers a different area or aspect of strata property ownership
If you live in a strata property, you’re likely aware of what it means to share the joy – and burdens — of community living. One thing that can really make a difference when burdens come your way is comprehensive strata insurance.
Strata property owners typically share the premium costs of strata insurance and contribute to these through strata levies. Strata insurance is mandatory and must also include public liability covering people that may be injured on common property.
Keep reading to learn which specific types of strata insurance strata property owners should take out. If you live in a strata property, it’s wise to take out comprehensive strata insurance to protect your investment. Here are the three main types of insurance you should consider:
Contents insurance covers household and personal possessions such as clothing, jewellery, furniture, computers, art, electronics and white goods belonging to you in the event of loss or damage.
3. Landlords insurance
If you rent out a unit in a strata building, it’s wise to take out landlord insurance. It provides cover for accidental loss or damage to contents in your unit from events such as fire, flood or storms. Additionally, it covers you and your property for malicious damage to contents/buildings caused by tenants and/or their guests. It can also help you cover the risk of your tenant failing to pay rent.
While strata properties are a good long term investment, it’s important to do everything you can to protect that investment. That’s where strata insurance comes in. By taking out comprehensive strata insurance, contents insurance and landlord insurance policies, you can rest assured knowing your property will be covered in the event of damage, loss or a natural disaster. While strata properties are a good long term investment, it’s important to do everything you can to protect that investment. That’s where strata insurance comes in. By taking out comprehensive strata insurance, contents insurance and landlord insurance policies, you can rest assured knowing your property will be covered in the event of damage, loss or a natural disaster.
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