Here is what you can anticipate:
- It covers standard contents such as gym equipment and shared outdoor furniture.
- The public liability insurance covers the common property.
- Building fixtures such as air-conditioners, intercoms, hot-water systems and pipes.
- Other common properties such as stairwells, pools, car parks, lobbies and gardens.
Here Is What Strata Insurance Doesn’t Cover:
Strata insurance does not cover anything not permanently attached to the building or belongings inside your property. These items include internal fixtures and fittings, carpets, lights, electrical items, furniture, jewellery, floorboards and other personal belongings.
If you are renting out the property, it is essential to know that strata insurance does not cover interior damage or theft by tenants, legal fees ensuing from taking action against tenants, or loss of rent does not pay.
To protect your belongings against loss, damage, theft or other potential issues with your tenants, you can take landlord insurance or contents insurance.