Strata Insurance
Strata Insurance
Multi-Class Package Coverage
This multi-class package policy addresses the diverse risks associated with jointly owned properties. It provides comprehensive protection not only for the buildings but also for the owners’ association, individual unit owners, and board members, ensuring everyone involved is safeguarded.
Key Protection Features
Key components of this policy include coverage for buildings and alternative accommodation, liability to others, voluntary workers, workers’ compensation, employer’s liability, fidelity guarantee, board members’ legal liability, and machinery breakdown. This insurance is tailored to meet the unique needs of jointly owned properties, ensuring compliance with ownership regulations while protecting your investments.
What Does It Cover?
- Common Area Structures and Utilities
Provides coverage for essential property areas like car parks, stairwells, lifts, gardens, and shared floors, walls, and ceilings..
- Communal Furniture and Equipment
Protects communal furniture, equipment, and appliances used by residents in shared spaces.
- Fixtures and Fittings
Covers fixtures and fittings in shared areas, including ducted air conditioning, balconies, water and sewage pipes.
- Garden and Landscaping
Insures garden areas and garden equipment, maintaining shared outdoor spaces for residents.
- Electrical Wiring and Lift Systems
Covers costs for maintenance or damage to wiring and lift systems essential for property functionality.
- Swimming Pools
Provides coverage for shared swimming pools, ensuring upkeep and repairs when needed.
- Parking Areas
Protects car parks and carports, covering damages or repairs within shared parking facilities.
- Building Structure
Includes coverage for structural elements like walls, windows, ceilings, and floors in common areas.