Strata insurance covers the building and common areas of strata properties but does not extend to the protection of your personal property. If you own or live in a strata title property, you may want to consider extra insurance cover.
There are 2 types of insurance cover to consider, namely landlord’s insurance and home contents insurance.
Landlord’s insurance for strata property owners
Many investors have made the very costly mistake of assuming that building insurance is sufficient, however building insurance does not cover damage to your property or non-payment of rent by a tenant. To adequately protect your investment property, you will need landlord’s insurance in addition to building insurance.
Although we hope that tenants will take good care of the property they are leasing, there are those who will intentionally cause damage. We also don’t know if tenants will run into financial difficulty, experience ill health or pass away.
A landlord’s insurance policy is designed to protect your investment property and your rental income. When you’re insured under a landlord’s insurance policy, this should bring you peace of mind and confidence that your policy will protect you against any insurable event that you have chosen to cover. Like any other insurance, it’s a safety net.
Home & contents insurance for resident owners
If you’re living in the property you own, insuring the contents is a good idea if you want to protect your personal belongings.
Contents insurance provides protection against loss or damage of your personal belongings due to many circumstances including malicious damage, theft, storm, flood, fire, earthquake, etc. Aside from furniture, appliances and clothing, you can also cover art and jewellery, as well as fixtures and fittings.
At East West Insurance Brokers, we understand how important it is to ensure you have adequate coverage. Insurance policies can vary significantly in both price and offerings – we will offer you security and flexibility with adequate landlord’s and home & contents insurance for your strata property.
We can guide you through the available options and help you find the best solution most suited to your strata property.
Important Note: All insurance policies have exclusions. Please refer to the Product Disclosure Statement or Policy Wording to decide whether an insurance policy meets your needs.