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Items covered by residential strata building insurance:

BUILDING i.e. Fixtures inside a lot that are covered under the Body Corporate Insurance

• Baths, hand basins and toilets
• Ducted air conditioners
• Windows
• Fixed tiling
• Stoves
• Doors
• Paint
• Wallpaper

COMMON AREA CONTENTS i.e. Contents items covered that are in common areas NOT in lot owner’s units

• Carpets, floating floors, other temporary wall, floor and ceiling coverings within hallways and lobbies
• Pot plants, mirrors and other decorations within common areas
• Appliances such as washing machines and dryers owned by the Body Corporate and used by all unit owners and housed in common laundries
• Any barbeque equipment, gardening equipment and garden.

Lot owners often misunderstand that their personal contents will be covered under the strata building insurance when in fact they are not.   Lot owners are strongly advised to have contents insurance and for those lots tenanted, landlords insurance, to ensure that in an event where an insurance claim is required to be placed their assets are correctly covered.

ITEMS COVERED BY CONTENTS AND LANDLORD POLICIES i.e. Items NOT covered by strata insurance

• Carpets, floating floors, other temporary wall, floor and ceiling coverings
• Light fittings
• Curtains, blinds
• Personal equipment and valuables such as jewellery and watches
• Clothing
• Furniture
• Household appliances
• Loss of rent

*information taken from CHU’s Residential Strata Insurance Plan

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A Strata Inspection Report should provide the following details but may include more information not listed below;

• Who the current owners is
• What the levies are for the property, when they are paid to and is their any special levies for major works
• What your unit entitlements are
• How much is in the Sinking Fund and the Administrative Fund and are any of these in deficit
• Is there a Sinking Fund Forecast Report
• Are there any legal matters or disputes
• Does the scheme comply with fire requirements
• Are pets permitted
• Is there building defects
• What are the By-Laws
• Is there any major expenditure planned or has there been any over the past three years
• What is the current value of the building
• Is the building insured
• Copies of the meeting minutes
• Copies of building reports

A Strata Inspection Report can cost as little as $250-$350.  This is not a huge outlay when you consider you may be about to make one of the biggest financial commitments of your life.  The information you receive in the report will be far more valuable to you than the cost of the report.

For further queries regarding strata searches or to order a strata inspection report for a building on the Sunshine Coast or Brisbane contact:

Inside Out Legal Services

Sun City Legal Services

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Owning a lot in a community titles scheme brings certain obligations beyond those of owning a detached house.  You should carefully consider whether living or investing in a community titles scheme suits your lifestyle and financial needs.

When you buy a lot in a community titles scheme you are automatically a member of the Body Corporate.  You cannot ‘Opt Out’ of being a part of the Body Corporate.

Legislation

The BCCM Act is the legislation that regulates most Bodies Corporate in Queensland it sets out the rights and responsibilities of people involved with Bodies Corporate.  Each Body Corporate is registered under a regulation module.  The regulation module sets out rules for committees, general meetings, financial management, property management and insurance.

Maintenance

The Body Corporate is responsible for maintaining the common property and in some situations certain elements of a building that are not common property.  You will have certain rights and responsibilities for your own property  and also for the common property shared with other owners in your complex.  Common property ranges from a shared driveway or letterboxes to elevators, stairways, swimming pools, tennis courts and roadways.

Levies

As an owner you will need to contribute financially to the day to day running of the scheme by paying regular levies.  Levy amounts vary between scheme depending on the conditions and age of the common property and shared facilities.  Running costs almost always increase over time.

When considering to purchase a unit in a community titles scheme, you should find out if there are any levies and charges still owned by the current owner.  The levies run with the lot, therefore the new owner would be liable to pay any outstanding amounts.  It is highly recommended that Body Corporate searches are undertaken by your conveyancing solicitor and/or a Search Agent prior to purchasing.

By-Laws

By-laws are an additional set of rules particular to each scheme that regulate the behaviour of owners, occupiers and their invitees on the common property and within their lots.  By-laws cover a range of issues such as noise, pets and parking.  You should find out the By-laws for the scheme you are considering buying into so you can see what you can and can’t do or what you need to ask permission for once you become an owner.

Reference: https://www.qld.gov.au/law/housing-and-neighbours/body-corporate/

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