STRATA INSURANCE MELBOURNE
Insurance can be the largest expense for an owners’ corporation. Do the residents a favour and shop it around.
Residential strata insurance, also called owners’ corporation insurance or body corporate insurance, covers common contents and property under the management of a strata title or body corporate entity.
Owners of strata units typically share the premium costs of strata insurance as part of their strata fees and liabilities. Strata insurance is mandatory and must also provide public liability protection to anyone that may be injured on common property.
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What is covered?
• Common property like car parks, lifts, pools, gardens, balconies and external walls
• Liability cover for anyone injured on common property
What is NOT covered?
• Contents and personal items of each resident
• Landslides, floods
What cost factors contribute to the premium?
Each strata insurer develops and offers a unique commercial product in accordance with its underwriting appetite which may change over time.
Some common factors contributing to the premium you’ll pay include:
• The replacement cost of the building
• The risk profile of the location
• The age and condition of the building
• The claims history of the strata complex
• Government taxes on insurance (stamp duty and GST)
• Commercial activities carried out on the premises
• Common property
• The level of excess