As per the Strata Property Act Sections 149 to 161 both the strata corporation and the strata lot owner are responsible for ensuring all property and assets are insured and maintained to protect the property in the event of a loss. A good property management company can advise on the best insurance for the needs of your strata.
Insurance in regards to the strata corporation:
The strata corporation is required to obtain and maintain property insurance on all common property and assets as outlined on the strata plan. The insurance must be provided on the basis of full replacement value.
Insurance in regards to the strata lot owner:
As a strata lot owner you are required to purchase Home Owners Insurance to protect your personal belongings within your unit. Please note that you as an owner are responsible for ensuring your insurance includes any upgrades you have made to your unit, as the strata corporation’s insurance will only cover original fixtures.
Owners often carry the following types of insurance: Contents, Liability, and Improvements
For those without insurance we recommend that you consult with Insurance Professionals who can advise you on the adequate coverage for you property.
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