As a Strata Title Owner, you have several responsibilities, including notifying the Owners Corporation of any change in ownership or occupancy, complying with the scheme’s by-laws and liaising with lot owners with regard to any building changes. With these responsibilities comes a certain amount of risk. Strata Insurance can help alleviate these risks and allow you to continue to operate with the peace of mind to know these risks are covered.
Strata Insurance is mandatory for title owners in every Australian state, and owners must also have Public Liability Insurance in place to cover people that may be injured on common property.
What is Strata Insurance?
Strata Insurance is general insurance that covers common property under the management of a strata title or body corporate entity.
Strata Insurance can help your business survive the unexpected, with minimum losses.
Our Insurance Partners
Our systems do the hard work, quickly matching the insurance that best suits your business.
We do all the hard work analysing insurance policies and their covers to match them against your business risks and needs.
Our expertise insuring thousands of businesses means we know the questions to ask you.
We find the right insurance for your needs and because we operate online we have lower costs to pass more savings on to you.
You can access and update your information at any time of the day and night, when it suits you most.
What Risks May a Strata Insurance Policy Cover?
While many Australians are investing in property, the Strata Owner Title comes with certain responsibilities and risks, which should be backed up with a comprehensive insurance policy.
Appropriate Strata Insurance may cover the following:
- The cleaner in a block of flats forgets to put a ‘Wet Floor’ sign up after mopping the foyer and as a result a tenant slips and falls. The tenant takes legal action against the building owner. Strata Insurance may cover legal defence costs and any resulting compensation payout.
- A fire is sparked in a retirement village as a result of faulty wiring. No one is injured but several tenants have to be put up in alternative accommodation while repairs are made to their units. Appropriate Strata Title Insurance may cover the loss of rent and costs of rehousing tenants during this time.
- The lift breaks down in a high-rise residential tower. The Machinery Breakdown component of the Strata Title Owner’s insurance may cover the costs of the repair.
- A caravan park’s leisure facilities are seriously damaged in a storm. With Strata insurance, the owner may be covered for the cost of repairs.
- After failing to receive payment from the tenant of his Strata property, the Owner discovers his tenant has absconded. As a result, he accumulates considerable expenses, including loss of income, which may be covered under his Strata Insurance policy.
As a Strata Title Owner, your ability to continue to generate profitable income is dependant upon managing, mitigating and transferring risks. It is possible to reduce the risk that you are exposed to, however risk cannot be totally eliminated. It is therefore imperative to back up your prevention strategies with a comprehensive insurance policy that can fully protect your investment property, your assets, and your tenants.
What Are the Key Things That May Be Covered By Strata Insurance cover?
The most appropriate Strata Insurance policy for you will depend on the property that you lease, its contents and its tenants, however a typical policy may cover:
- Building Insurance: Covering the structure of your strata title property as well as any garages, outbuildings, perimeter walls and any swimming pool.
- Contents Cover: Protecting you for costs incurred as a result of damage to or breakdown of domestic appliances, equipment, furniture and fittings for which you are responsible.
- Tax Audit Cover: Covers the cost of professional fees if you are audited by a government organisation.
- Public Liability Cover: Protecting you against the financial risk of being found liable to a third party for death or injury, loss or damage of property resulting from your negligence.
- Machinery Insurance: Protecting the Strata Title owner for repair costs of fixed machinery, boilers and pressure vessels when breakdown or accidental damage occurs.
- Loss of Rent: Covering any loss of rent following damage to your property such as a fire or storm damage.
Who Needs Strata Insurance?
There are several different types of Strata Title including residential, commercial, retail and mixed use. From serviced apartments to retirement villages, caravan parks and resorts, every Strata Title complex is unique, and so are the risks that it faces.
Whatever Strata Title unit you own, PSC Direct can find the most appropriate cover for your needs.
How PSC Direct Works for You
The specialist insurance brokers at PSC Direct have considerable experience in sourcing insurance for small to medium sized businesses across Australia. We pride ourselves in our ability to consider every business’s unique requirements and match the most appropriate insurance policy to cover the specific needs of our customers.
Having insured thousands of other small to medium businesses across Australia, we have a comprehensive database of insures and insurance products that we can access to source the right cover at the right place.
As part of PSC Insurance Group, one of Australia’s largest private insurance broking houses, PSC Direct has established relationships with a range of leading insurers and underwriters which gives us access to a range of premiums. Furthermore, as we operate online with reduced overheads, we are able to pass cost savings on to our customers.
We understand that insurance can be complicated, but we also know that protecting your business is important. That’s why we work for you to source the most specialised cover for your requirements; whether you operate a national trucking business, a state-wide construction company or own a boutique retail store.
We can provide expert advice specific to the sector you operate in. In addition to standard Public Liability Insurance and Professional Indemnity Insurance policies, we will assess further available polices to offer more specialised cover that will fully protect your business.
We are passionate about our clients and will be there for them into the future to update policies and covers as the business grows and develops. In the unfortunate event that you do have to make a claim, PSC Direct Insurance Brokers will be there for you every step of the way to ensure the best possible outcome for your business.