What is residential strata insurance?
Written by Jessica Tait
Updated at January 18th, 2021
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Import
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Strata insurance generally covers common or shared property as defined on the Strata Plan. This might include the structure or building itself, common areas, lifts, pools, car parks, gardens, wiring, balconies, walls, windows, ceilings and floors – but the inclusions vary from property to property. Strata insurance must also provide liability cover in the event people are injured on common property. The insurance policy issued is to protect against accidental loss or damage which is usually a result of a fortuitous, singular, one-off event and does not cover general wear tear/ maintenance items.