Why is this cover important?
Having the right Strata Insurance policy is often required by relevant State or Territory legislation and especially in the event of a claim.
There are many benefits with taking out a Residential Strata policy with Citycover, including expertise, advice, risk management, claims service and the range of policies we have access to. When you have a claim, you want to make sure you are covered correctly, and you want the process to be seamless.
Citycover are experts in Residential Strata Insurance and we urge Strata unit owners and body corporate committees to consider the following points:
What can Strata Insurance cover?
When it comes to residential strata property, you need an expert Insurance Adviser on your side. Citycover has access to a range of Residential Strata Insurance cover available, which enables us to deliver you the best Insurance solutions for your needs.
A Residential Strata Policy covers you for a range of insurable events, including but not limited to the following:
Building / Common Contents
Covers loss or damage to insured property, including damage caused by cyclones, storm surge and floods. It is important to note however, that flood is not automatically included.
Covers up to $20 million legal liability arising out of your ownership.
Personal Accident (Voluntary Workers)
Offers a loss of income benefit to a voluntary worker insured whilst working for you in an unpaid capacity.
Protects body corporate funds against embezzlement or fraud by a committee member.
Office Bearers Liability
Provides protection for office bearers held legally liable for wrongful acts, such as providing property managers with incorrect instructions or failing to exercise due care when negotiating on behalf of the unit owners.
Following a significant event that causes widespread property damage, it is common that building costs increase, with the result your building sum insured may then prove inadequate.
When you take out Residential Strata Insurance with Citycover, you will immediately have access to our expert claims team for personal service on claims, and our experienced Advisers for advice on Risk Management.
Frequently Asked Questions for Residential Strata Insurance (Body Corporate Insurance).
I found a really cheap quote online, why is it so cheap?
Insurance is like any other product, you pay for what you get. There are many different insurers offering policies in different shapes and forms.
Service is extremely important.
This is the difference between a claim being paid out over night and a claim being paid out painstakingly over a year. Cheap premiums are on offer because costs are being cut elsewhere.
Coverage is also extremely important.
This is the difference between your claim being paid out or not paid out at all. Quite often, this results in financial burden in the long run.
What are “Lot Owner’s Improvements”?
Any new fixtures installed by a Unit Owner or any upgrade made by a Unit Owner to an existing fixture, that results in its replacement value being more than its replacement value immediately prior to the improvement.
Being for the Unit Owner’s exclusive use, and permanently attached to/fixed to your Insured Property, therefore to become legally part of it.
Can I pay my premiums by the month?
Yes. All insurance offered by Citycover can be paid by the month through premium funders. If you chose to use the premium funder’s service, your monthly instalments will be tax deductible.
What other insurance do I require?
If you live in your property as the owner occupier, you should take out Contents Insurance.
If you are renting out your property, you should purchase Landlord Insurance.
What factors contribute to the premium?
Some common factors contributing to the premium include:
- Government taxes (stamp duty and GST)
- The age and condition of the building
- Replacement cost
- The location
- Claims history
- The level of cover and costs of common property
Need to Claim?
The knowledge and experience of Citycover’s amazing team is widely recognised. We are extremely passionate insurance professionals, who love what we do.
Senior Insurance Adviser
Claims Services Manager
- Greg F-S
Many thanks Eloise. Please pass on my thanks and respect for the professional way this claim has been handled by all those involved.
26th October, 2017