What Does Strata Insurance Cover in NSW?
What Does Strata Insurance Cover in NSW?
Blog Article
When it comes to shared residential living, strata insurance provides critical protection. If you’re a strata manager or unit owner in New South Wales, knowing what strata insurance covers in NSW helps ensure you’re not left exposed.
Core Coverage Areas
- Building Structure: Covers common property (walls, ceilings, pipes, lifts, etc.)
- Common Contents: Includes shared carpets, furnishings, and equipment
- Public Liability: Minimum $20 million is legally required
- Catastrophe Cover: Additional protection for events like bushfires or floods
Optional Add-Ons
- Office bearers' liability
- Machinery breakdown
- Fidelity guarantee
What’s Not Covered
- Individual contents
- Wear and tear
- Non-disclosed defects
NSW Requirements
Under the Strata Schemes Management Act, NSW owners’ corporations must hold building and liability insurance for common property.
HMD Insight
We help you understand what strata insurance covers in NSW, ensure compliance, and tailor cover for your strata scheme’s unique needs.
Conclusion
Strata insurance is about protecting everyone in the building. HMD makes sure it’s done right. Report this page