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Strata Insurance is designed to protect you and your property as a lot owner. It provides general insurance cover for common property under the management of an Owners Corporation. The premiums for strata insurance are shared amongst the lot owners as part of their strata fees and levies. The law sets out the minimum insurance required, namely reinstatement and replacement insurance of buildings on common property and public liability insurance for the common property (although not the case for two lot subdivisions).

 

In addition State Owners Corp will;

  • Maintain current insurance at an appropriate level in accordance with the act and the Owners Corporation Act and regulations
  • Review the insurance annually in consultation with the committee
  • Every three to five years arrange for an insurance valuation report
  • Assist Owners Corporation members in lodging claims

 

Full insurance details would be made available to Owners Corporation members at all times and a full set of information is published to the members each year in the notice of the annual general meeting including all sums insured, premiums and excess details.