THE DIFFERENCE BETWEEN STRATA AND LANDLORDS OR CONTENTS INSURANCE

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

• Audit Costs/OHS

• Catastrophe Cover

• Legal Defence Expenses

• Office Bearers Liability

• Machinery Breakdown

• Fidelity Guarantee

• Lot Owners Improvements

• Voluntary Workers

• Workers Compensation

WHAT IS LANDLORD INSURANCE?

This cover is required if you rent out your unit to a tenant, the 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

We always recommend taking out Landlord cover when renting out a unit or house.

WHAT IS CONTENTS INSURANCE?

This cover is required if you are an owner occupier of your unit, the policy will respond if the following claims are made:

Personal Contents including Furniture, Whitegoods, Carpets and Blinds within the unit

WHAT ITEMS ARE CLAIMABLE UNDER A STRATA OR LANDLORD/CONTENTS POLICY?

Strata Policy Items	Contents or Landlords Insurance
Walls and skirting boards	Whitegoods
Floating floors (optional inclusion)	Hot water systems
Baths, shower screens and vanities	Carpets and rugs
Cooktops	Curtains
Roller doors	Furniture
Windows and window frames	Personal contents
Cupboards	Vehicle (often hit by roller doors)

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 info@adaptrs.com.au.