The Difference Between Strata and Landlords Insurance
Updated: Sep 11, 2020
WHAT IS STRATA INSURANCE?
It’s mandatory insurance that the Owners Corporation is required to take out
on behalf of all Owners. A strata policy provides Building and Legal Liability insurance as essential cover with Common Contents also included.
In addition to this insurance cover, a typical strata policy provides additional cover not included as part of a Home and Contents policy:
Loss of Rent/Temporary Accommodation
Legal Defence Expenses
Office Bearers Liability
Lot Owners Improvements
WHAT IS LANDLORD INSURANCE?
Essentially the Landlords policy will respond if the following claims are made:
- Rent Default i.e. if the tenant fails to pay rent or breaks lease without notice**
- Public Liability where the Strata does not fall responsible i.e. tenant injures themselves
due to a lack of maintenance within the unit
- Personal Contents including Furniture, Whitegoods, Carpets and Blinds within the unit
**the majority of Landlords insurance excludes cover for new business post COVID-19.
Rent Default cover included on a policy prior to COVID 19 will generally still be included.
We always recommend taking out Landlord cover when renting out a unit or house.
This can be arranged through a broker but is generally far more competitive online.
WHAT ITEMS ARE CLAIMABLE UNDER A STRATA/LANDLORD POLICY?
Strata Policy Items
- Wall/Ceiling Damage
Landlords Policy Items
- Personal Contents
Adapt risk solutions is an insurance brokerage specialising in Strata Property insurance, please feel free to contact us with any questions or to obtain insurance on email@example.com.