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Strata insurance is a specific insurance designed for buildings and property where multiple parties own space or units within that building and the building ownership has been set up under a strata title with a governing committee known as a body corporate.
Those who may need strata insurance are properties who’s title has been established under a strata title, and may include strata, stratum, neighborhood or community associations.
Strata insurance cover can be taken for residential, commercial, retail and industrial buildings that are under a strata title.
The cost of Strata insurance is generally included within the body corporate fees charged to each of the strata unit owners.
Strata Insurance will cover the entire property however individual unit owners should insure any property that may not be included within the strata insurance such as furniture and fixtures and fitting not included within the strata registration.
Public Liability insurance should be taken out by unit owners within a strata property as the owner may incur a claim from a third party due to an incident occurring within the parameters of that unit.
A unit owned within a strata title property does not need to insure the unit as it is covered under the strata insurance taken out usually by the body corporate. Unit owners should, however insure any fixtures, fittings or contents that are not covered under the strata insurance as well as public liability insurance for the unit itself.