Choosing the right insurance for your strata unit can be a difficult and confusing task.
In this article we will discuss the importance of understanding the different types of insurance that are available for a strata unit in Brisbane and what they cover.
Table of Contents
Residential Strata Insurance Cover in Brisbane
Strata insurance premiums in Brisbane are calculated using a number of different factors. It is compulsory for all residential strata schemes in Brisbane to have insurance. This insurance covers the building itself and common areas, such as lobbies and gardens. It does not cover the contents of individual units.
There are two types of residential strata insurance:
Buildings insurance - this covers the physical structure of the building, including permanent fixtures and fittings. It also covers common areas, such as lifts, foyers and swimming pools.
Contents insurance - this covers the contents of common areas, such as furniture, carpets and appliances. It does not cover the contents of individual units.
Responsible Officers Cover – This covers members of Body Corporate for any legal liability in making decisions on behalf of the building owners
Insurance policies have a excess, which is the amount you will need to pay if you make a claim. The excess is usually between $500 and $1000.
Buildings Insurance is Important for Property Owners
Buildings insurance is one of the most important types of insurance for property owners. It provides protection against damage to your property from a number of perils, including fire, storms, theft and vandalism.
While buildings insurance is not mandatory in Brisbane, it is highly recommended for all property owners. Without buildings insurance, you would be responsible for repairing or rebuilding your property if it was damaged or destroyed.
There are a number of different buildings insurance policies available, so it's important to compare a few before choosing one. Make sure you understand what is covered by each policy and what is excluded.
If you own a unit in a strata scheme, buildings insurance will usually be included in your strata fees. If you own a house, you will need to arrange buildings insurance yourself.
Buildings insurance is an important way to protect your investment in your property. Make sure you are adequately covered by taking out a policy that meets your needs.
Contents Insurance Covers the Contents of your Unit
If you're a strata unit owner in Brisbane, you're probably aware that you need insurance for your property. But what is contents insurance?
Contents insurance covers the contents of your unit - things like furniture, appliances, clothes and electronics. It can also cover items like curtains and carpets. If you have any valuables, you may want to add them to your policy as well.
Contents insurance protects your belongings from damage or theft. It can also give you peace of mind knowing that you're covered if something goes wrong. So, if you're wondering what insurance you need for your strata unit in Brisbane, contents insurance is a good place to start.
What About Landlord Insurance?
If you're a landlord, you may be wondering if you need to take out insurance for your strata unit in Brisbane. The answer is yes, you should definitely consider taking out landlord insurance.
This type of insurance will protect you from any damage that may occur to your property, as well as any legal liability that could arise from tenants causing damage to the property or injuring themselves while on the premises.
Landlord insurance is an important part of being a responsible property owner, so make sure to get it when you can.
Conclusion
If you're looking to purchase a strata unit in Brisbane, it's important that you understand the different types of insurance that are available and what they cover.
While most strata schemes will have some level of building insurance in place, this may not cover your personal belongings or provide any liability protection.
It's important to speak to your insurer about the coverages that are right for you and make sure that you're adequately protected against any risks.
There are many different types of insurance available, and it can be hard to know which one you need. Strata Insurance Brokers can help you understand the different types of insurance available and what they cover, so that you can make an informed decision about which policy is right for you.