In the unlucky event that your group needs to make a claim, it's important to know what's covered and what isn't.
Often, it feels like understanding insurance requires a university degree - and understanding strata insurance is no exception. What everyone wants to know, though is, what is and isn't covered?
Strata Insurance covers the building and common property such as walls, floors, roof, carports, lifts, balconies, stairwells and water and sewer pipes, as well as internal fixtures.
While internal fixtures are considered an owner's responsibility to maintain, they are insured under the building. These include kitchens, built-in cupboards, shower screens, etc. strata insurance does not cover an owner's personal items or contents.
Items like floor coverings, light fittings and blinds are not part of the building structure and are not covered by strata insurance - the unit owner would have to purchase their own contents insurance or landlord insurance.
When to claim?
If damage occurs to your unit through a roof leak, burst water pipe (not caused by general wear and tear or lack of maintenance), fire damage and impact damage, then a claim is warranted. The most common strata insurance claim is water damage, and, in most cases, the cause of the damage and the cost of making the problem area safe is not claimable, but any resultant damage is.
In the unfortunate event that damage is caused to your unit and you are uncertain as to whether the repairs would be claimable under strata or your contents insurance, please don't hesitate to contact your Strata Manager for more advice.