Difference between Strata Insurance and Apartment Insurance

Stra­ta insur­ance and apart­ment insur­ance are two dif­fer­ent types of insur­ance poli­cies that cov­er dif­fer­ent aspects of apart­ment liv­ing. Here are the main dif­fer­ences between stra­ta insur­ance and apart­ment insur­ance:

Stra­ta Insur­ance

• Stra­ta insur­ance is a pol­i­cy designed for res­i­den­tial stra­ta, group and com­mu­ni­ty title prop­er­ties, body cor­po­rates, own­ers cor­po­ra­tions, and stra­ta man­agers.
• Stra­ta insur­ance cov­ers shared prop­er­ty, such as the build­ing struc­ture and com­mon areas, and is nor­mal­ly arranged by the body cor­po­rate and paid for by the own­ers of the prop­er­ties.
• Stra­ta insur­ance cov­ers the phys­i­cal struc­ture of the apart­ment com­plex or oth­er build­ing and any per­ma­nent fix­tures.
• Stra­ta insur­ance also pro­vides cov­er for per­son­al lia­bil­i­ty, in the event peo­ple are injured on com­mon prop­er­ty.
• Stra­ta insur­ance excludes any con­tents, fix­tures, or fit­tings that have been installed by the unit own­er.

Apart­ment Insur­ance

• Apart­ment insur­ance, also known as con­tents insur­ance, is designed to pro­tect your per­son­al belong­ings inside your apart­ment.
• Apart­ment insur­ance cov­ers dam­age to the con­tents in your apart­ment due to events such as fire, storms, or theft.
• Apart­ment insur­ance cov­ers per­son­al belong­ings such as fur­ni­ture, cur­tains, inter­nal blinds, car­pets, elec­tri­cal appli­ances, clothes, shoes, and hand­bags.
• Apart­ment insur­ance does not cov­er the phys­i­cal struc­ture of the apart­ment build­ing or any per­ma­nent fix­tures.
• Apart­ment insur­ance does not cov­er shared prop­er­ty or com­mon areas.

In sum­ma­ry, stra­ta insur­ance and apart­ment insur­ance are two dif­fer­ent types of insur­ance poli­cies that cov­er dif­fer­ent aspects of apart­ment liv­ing. Stra­ta insur­ance cov­ers the phys­i­cal struc­ture of the apart­ment build­ing and any per­ma­nent fix­tures, as well as shared prop­er­ty and com­mon areas. Apart­ment insur­ance cov­ers per­son­al belong­ings inside your apart­ment, but does not cov­er the phys­i­cal struc­ture of the apart­ment build­ing or any per­ma­nent fix­tures, shared prop­er­ty, or com­mon areas.