Search
  • philhughes9

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

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?

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?


Source: CHU


Strata Policy Items

- Cooktop

- Wall/Ceiling Damage

- Doors

- Vanities


Landlords Policy Items

- Personal Contents

- Appliances

- Rugs

- Whitegoods


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.

13 views0 comments