Difference between Strata Insurance and Landlord Insurance

Difference between strata insurance and landlord insurance

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

Land­lord Insur­ance

• Land­lord insur­ance is designed for prop­er­ty own­ers who rent out their apart­ments to ten­ants.
• Land­lord insur­ance cov­ers the build­ing, con­tents, and loss of rental income if the apart­ment is dam­aged and can­not be rent­ed out.
• Land­lord insur­ance can also cov­er legal lia­bil­i­ty if a ten­ant or vis­i­tor is injured on the prop­er­ty.
• Land­lord insur­ance cov­ers the inte­ri­or of the apart­ment, includ­ing fix­tures and fit­tings that are not part of the build­ing.
• Land­lord insur­ance does not cov­er shared prop­er­ty or com­mon areas.

In sum­ma­ry, stra­ta insur­ance and land­lord 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. Land­lord insur­ance is designed for prop­er­ty own­ers who rent out their apart­ments to ten­ants and cov­ers the inte­ri­or of the apart­ment, includ­ing fix­tures and fit­tings that are not part of the build­ing, as well as the build­ing, con­tents, and loss of rental income if the apart­ment is dam­aged and can­not be rent­ed out.