Understanding Strata Insurance: A Comprehensive FAQ Guide

Some common FAQ’s about Strata Insurance

What is strata insurance?

Strata insurance is a type of insurance that provides coverage for residential or commercial buildings with multiple units, such as apartments. It typically covers common property, shared areas, and liability for the strata corporation or owners.

What does strata insurance cover?

Strata insurance typically covers the building's structure, common areas like hallways or elevators, and shared facilities such as pools or gyms. It may also provide liability coverage in case someone is injured on the property. However, it's important to review your policy to understand the specific coverage details.

Do I need strata insurance if I already have home insurance?

Yes, you will still need strata insurance even if you have individual home insurance. While your home insurance covers your personal unit and belongings, strata insurance covers the shared areas and common property. It is necessary to have both policies to ensure comprehensive coverage.

Who is responsible for arranging strata insurance?

The responsibility for arranging strata insurance usually lies with the strata corporation or the owners' association. The cost of the insurance is typically shared among the unit owners through their strata fees. It's important to communicate with your strata council or management to understand the specific arrangements for your building.

Can I make changes to my strata insurance policy?

Changes to the strata insurance policy are typically made by the strata corporation or owners' association. As an individual owner, you may not have the authority to make changes to the policy. However, you can voice your concerns or suggestions to the strata council or management, who can then discuss and decide on any necessary modifications in accordance with the strata bylaws and regulations.