Owners of rental strata properties need to ensure they take out insurance to cover landlord’s fixtures and fittings, rent default and public liability for inside their lots / units.
Strata Insurance provides cover for a range of circumstances specifically related to living in a strata community, including:
- Public Liability – covers legal liability of Owners Corporations Contents – covers common contents such as appliances, equipment, furniture, fittings and works of art in any common area for which the Owners Corporation is responsible.
- Fidelity Guarantee (optional extension) – protection for the Owners Corporation against fraudulent embezzlement or fraudulent misappropriation of the Owners Corporation’s funds and tangible assets.
- Office Bearers (optional extension) – protects members of the Owners Corporation committee where liability has arisen from an alleged or wrongful act, omission or breach of duty.
