What does insurance cover for strata property?
28 August 2015
Living in strata property in New South Wales carries a number of benefits, especially with democratic process that is part and parcel of an owners’ corporation. One question many residents of strata property ask, however, is whether or not their contents are protected under such schemes.
Is insurance necessary?
You do not have to take out insurance to protect the contents of your strata property, but it is always a good idea to do so. First, let’s look at the insurance types that will be covered by the owners’ corporation:
- Damage insurance for the building itself
- Workers compensation insurance (where applicable)
- Voluntary workers’ insurance
This means the owners’ corporation will have insurance to cover a wide range of fixtures and improvements in your building, and the damage policy must be with an approved insurer – keeping in
line with legislation. However, it doesn’t necessarily cover everything. Some items that you may have to cover yourself include wallpaper, curtains, light fittings, ceiling coverings, carpet and temporary walls.
Therefore, a combination of personal contents insurance and owners’ corporation insurance could protect you in strata property. Remember however, that everyone’s situation and policy may be different and it’s important to seek the advice of a professional on these matters.Source: www.civiumstrata.com.au