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Strata Title / Body Corporate Insurance is designed to protect the common property of a strata scheme, which is typically managed by a body corporate or owners' corporation. This type of insurance is essential for shared buildings and complexes, as it covers areas that individual unit insurance does not.
What is Typically Covered:
Building and Common Contents: Covers the repair or replacement of the building structure and common area contents due to events like fire, storm, or vandalism.
Public Liability: Provides coverage for legal liability if someone is injured or their property is damaged within the common areas of the property.
Office Bearers' Liability: Protects committee members of the body corporate against personal liability when carrying out their duties.
Voluntary Workers: Offers protection for people who voluntarily work on behalf of the body corporate, such as gardening or maintenance.
Fidelity Guarantee: Covers loss of money belonging to the body corporate due to dishonest acts by committee members or employees.
Catastrophe Cover: Provides additional funds to cover costs if a major event, like an earthquake, affects the insured property.
What is Not Typically Covered:
Individual Unit Contents: Personal belongings within an owner's unit are not covered; unit owners need their own contents insurance.
Wear and Tear: Gradual deterioration of the property over time is not covered.
Defects and Poor Workmanship: Pre-existing defects or damage from poor construction or design are typically excluded.
Asbestos Removal: Costs associated with the removal of asbestos may not be covered unless resulting from an insured event.
Landscaping: Plants, soil, and landscaping features may not be covered except for specified events in the policy.
The Broad Risk Difference
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Frequently Asked Questions
1. What is the difference between Strata Title Insurance and individual home insurance?
Strata Title Insurance covers the building and common areas of a strata-titled property, while individual home insurance covers the contents and interior of a specific unit.
2. Is Strata Title / Body Corporate Insurance mandatory?
Yes, in most places, it is a legal requirement for strata-titled properties to have this insurance to cover the common property and liability.
3. Who is responsible for purchasing Strata Title / Body Corporate Insurance?
The body corporate or owners' corporation is typically responsible for purchasing and renewing the insurance policy.
4. Does Strata Title / Body Corporate Insurance cover special assessments?
It may cover special assessments levied against unit owners for covered losses to common property, but it's important to check the specifics of your policy.
5. How are insurance premiums for Strata Title / Body Corporate Insurance determined?
Premiums are usually based on factors such as the value of the property, the location, the age and condition of the building, and the level of coverage required.