Residential strata building insurance provides general insurance cover for the building, shared or ‘common’ areas, common property and common area contents. There are several items covered by residential strata building insurance. We’ve listed these below.
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
