Strata, Building, & Landlord Insurance

Strata, Building, & Landlord Insurance

Own­ers of apart­ment build­ings have dif­fer­ent insur­ance needs than indi­vid­ual apart­ment own­ers or renters. Here are some things to know about own­ers insur­ance for apart­ment build­ings:

Stra­ta Insur­ance

• Apart­ment com­plex­es and town­hous­es typ­i­cal­ly legal­ly require stra­ta insur­ance, also called body cor­po­rate insur­ance, which is nor­mal­ly arranged by the body cor­po­rate.
• Stra­ta insur­ance cov­ers the build­ing and the apart­men­t’s struc­ture if it’s dam­aged and is paid through the body cor­po­rate fees if the prop­er­ty is under stra­ta title.
• Stra­ta insur­ance gen­er­al­ly cov­ers the build­ing, exter­nal walls, gut­ters, bal­cony, ceil­ing, and shared facil­i­ties such as pools, gyms, and ele­va­tors.

Build­ing Insur­ance

• Build­ing insur­ance cov­ers the phys­i­cal struc­ture of the apart­ment build­ing, includ­ing the walls, roof, and com­mon areas.
• Build­ing insur­ance can also cov­er fix­tures and fit­tings that are part of the build­ing, such as built-in wardrobes and kitchen cab­i­nets.
• Build­ing insur­ance can pro­tect against events such as fire, storm, or theft.

Land­lord Insur­ance

• Land­lord insur­ance is designed for prop­er­ty own­ers who rent out their apart­ments to ten­ants.
• Land­lord insur­ance can cov­er 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.

When choos­ing an insur­ance pol­i­cy for an apart­ment build­ing, it’s impor­tant to con­sid­er the spe­cif­ic needs of the build­ing and its own­ers. Stra­ta insur­ance is manda­to­ry for apart­ment build­ings, but build­ing insur­ance and land­lord insur­ance may also be nec­es­sary depend­ing on the sit­u­a­tion. It’s impor­tant to review all insur­ance poli­cies in detail pri­or to mak­ing a deci­sion and ensure that the poli­cies match the needs of the apart­ment build­ing and its own­ers.In sum­ma­ry, own­ers of apart­ment build­ings have dif­fer­ent insur­ance needs than indi­vid­ual apart­ment own­ers or renters. Stra­ta insur­ance is manda­to­ry for apart­ment build­ings, but build­ing insur­ance and land­lord insur­ance may also be nec­es­sary depend­ing on the sit­u­a­tion. It’s impor­tant to review all insur­ance poli­cies in detail pri­or to mak­ing a deci­sion and ensure that the poli­cies match the needs of the apart­ment build­ing and its own­ers.