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Strata Insurance

As a property owner or part of a strata community, safeguarding your shared property against potential risks is crucial for maintaining a secure and well-managed living environment. At The Insurance Stand, we introduce Strata Insurance is a specialized solution designed to protect strata properties, common areas, and the collective interests of property owners within a strata scheme.

What is Strata Insurance?

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Strata Insurance, also known as Body Corporate Insurance, is a tailored policy specifically designed for multi-unit residential or commercial buildings with shared spaces. This comprehensive coverage ensures that the common property and shared assets within a strata scheme are adequately protected against a range of risks and liabilities.

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What does Strata Insurance cover?

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The coverage under Strata Insurance is crafted to address the unique challenges faced by strata communities. Key components often included are:

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  1. Building and Common Area Coverage: Protects the structure of the building, common areas, and shared facilities against perils such as fire, storm damage, vandalism, or accidental damage.

  2. Public Liability Insurance: Covers legal liabilities arising from bodily injury or property damage to third parties that occur on the common property. This includes legal costs and potential settlements.

  3. Property Owners' Liability: Extends liability coverage to individual property owners within the strata scheme, providing protection for incidents that may occur within their private units.

  4. Machinery Breakdown: Insures common property machinery and equipment, such as elevators or air conditioning systems, against breakdowns, ensuring the prompt repair or replacement of essential assets.

  5. Loss of Rent or Temporary Accommodation: Provides coverage for loss of rental income if the property becomes uninhabitable due to a covered event, as well as temporary accommodation expenses for affected residents.

  6. Office Bearers' Liability: Protects members of the strata committee or executive committee against legal liabilities arising from their management decisions or actions in their roles.

 

Why is Strata Insurance essential for property owners in strata schemes?

 

Living or investing in a strata-titled property involves shared responsibilities and potential shared risks. Strata Insurance from The Insurance Stand is a strategic choice to ensure that the collective interests of property owners are adequately protected against potential financial losses arising from unforeseen events.

 

Moreover, many strata schemes are legally required to have Strata Insurance in place. This ensures compliance with strata legislation and provides financial security for the entire community in case of property damage or liability claims.

 

In summary, Strata Insurance is a vital tool for property owners within a strata scheme, offering comprehensive protection for shared property and common areas. Contact The Insurance Stand today to explore our Strata Insurance options, tailor a policy to align with your specific strata community needs, and ensure the collective well-being and security of your property investment.

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Disclaimer: The information provided by The Insurance Stand Pty Ltd on this website is for general information purposes only, and it is not a substitute for professional advice. You should always consider the PDS / Policy wording before making a decision. Coverage may differ based on specific clauses in individual policies. Refer to the Financial Service Guide on our website or by requesting a copy for our services and remuneration details.

The Insurance Stand Pty Ltd trading as The Insurance Stand (ABN: 32 665 673 343) is a Corporate Authorised Representative (No: 001302446) of McLardy McShane Partners Pty Ltd AFSL No: 232987 ABN: 14 064 465 309

CONTACT US

Phone:

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1044A Dandenong Road,

Carnegie  VIC  3163

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