What can it cover?
Strata insurance can cover the building and all common or shared property, and contents which belong to the owners’ corporation. The type of cover and its cost will depend on the kind of building, where it’s located and the amount of common property you share.
|Type of cover
|Building and common contents
|Building and common content including equipment, furniture, carpets etc in any common area for which the owners’ corporation is responsible. This can include cover for loss of rent or alternative accommodation due to an insured peril.
|If people are injured on common property.
|Personal accident for voluntary workers
|Compensation to any person injured while carrying out voluntary works on behalf of the owners’ corporation.
|Office bearer’s liability
|For office bearer’s if a claim arising from wrongful acts by the office bearers.
|Loss arising from misappropriation of funds belonging to the owners’ corporation.
|Mechanical and electrical breakdown
|Physical damage to machinery or electrical items caused by breakdown.