Properties of this nature have specific insurance requirements that may not be catered for under standard home insurances.
Legislation in each Australian State sets out the minimum insurance requirements that must be adhered to by Residential Strata schemes. The Residential Strata has a duty not only to insure but also to make certain that the insurance Policy they affect conforms to the minimum legislative requirements.
The minimum insurance required for a Residential Strata Insurance policy is:
Reinstatement and replacement insurance of buildings on common property
Public liability insurance for the common property. Insurance for common property protects owners in the case of unexpected damage and injuries.
You can also take out extra insurance that it considers important to safeguard the interests of its lot owners.
This insurance might cover:
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