Strata Insurance: What Does It Cover and What Are Your Responsibilities?
Strata insurance is a vital aspect of strata living, ensuring that the building and common property are protected from unforeseen events. Whether you're an owner or part of the owners corporation, understanding the coverage and your responsibilities is essential for maintaining the value and safety of the property. What Does Strata Insurance Cover? Strata insurance typically covers the common property of the building, which includes areas such as: Roof, external walls, and windows Lobbies, stairwells, and hallways Shared facilities like pools, gyms, and lifts Gardens and external structures such as fences and car parks Key areas covered by strata insurance include : Building Damage : This covers damage from incidents like fire, flood, storms, and vandalism. Public Liability : Protects the owners corporation if someone is injured on common property, ensuring compensation is available for medical costs and legal fees. Legal Liability : Covers legal costs and damages if the owners c