Strata Title Insurance
What is Strata Title?
Strata, also known as Strata Title, allows individual ownership of part of a property (known as a ‘lot’, ranging from units, townhouses and villas to commercial offices, factories, warehouses, retail shops and serviced apartments). Combined with this individuals share ownership of common or shared property (e.g. driveways, foyers, lifts, laundries, pools, car parks, gardens, wiring, air-conditioning, balconies, walls, windows, ceilings and floors) through a legal entity called the owners corporation — or body corporate, strata company or community association, depending on your state or territory of residence and the type of scheme.
Why do I need Strata Insurance?
Strata insurance covers common or shared property under the management of a strata title or body corporate entity.
Holding strata insurance is mandatory under each state’s relevant strata legislation and the insurance must also provide public liability cover for people that may be injured on common property.
Owners of strata units typically share the premium costs of strata insurance as part of their strata fees and liabilities.
Why should I get my cover with Coverforce Leed Insurance Brokers?
Every strata title building has its own risks and you need to ensure that the insurance policy covers these risks and the needs of the property. Strata insurance policies vary greatly and may not include features necessary for your property and could cost you a significant amount in the event of a claim. By contacting our Strata Title expert we can provide you with multiple quotes from different insurers, as well as the knowledge and advice to ensure you have the correct insurance coverage in place and that you are complying with requirements under state laws. Insurance companies do not, as a rule, give advice on what products are appropriate to your needs, whereas at Coverforce Leed we act on your behalf, not on behalf of the insurer.
Coverforce Leed Insurance Brokers offers specialist advice and assistance on strata title insurance in the form of:
1. Residential Strata (and Survey Strata)
2. Mixed Use – i.e. retail and/or commercial and/or residential
3. Commercial only
For impartial advice on your unique strata title risks and insurance coverage options, contact Coverforce Leed Insurance Brokers today.