Legislation in each Australian State sets out the minimum insurance requirements that must be adhered to by strata schemes. The Body Corporate has a duty not only to insure but also to make certain that the insurance policy they implement conforms to the minimum legislative requirements. Advoc8 Insurance Brokers are able to arrange the appropriate Residential or Commercial Strata cover to protect not just the property, but also Liability, Voluntary Workers, Workers Compensation, Fidelity, Office Bearers Liability, Machinery Breakdown, Catastrophe, Audit Costs and Lot Owners fixtures and improvements.
Strata Contents insurance is ideal for owners and renters of strata properties. It works hand in hand with the Strata Title insurance organised by the body corporate. Whilst Residential Strata Insurance covers the building and common areas, Strata Contents insurance is about protecting the things that are most important to renters and owners such as the inside of your strata property, your household belongings and personable valuables.
This policy also enables you to repair the fixtures inside your strata property or replace your belongings in the event that they are damaged or destroyed by a defined event such as a fire, theft, vandalism, water, falling trees, explosion, lightning, or earthquake.