So we know we are insuring our QLD duplex for the right amount, is there a fixture and fittings checklist we can use?
Is there a Qld-specific checklist for the fixtures and fittings in our duplex? The common items are the fences, common wall and wiring and plumbing. I have had no support from our previous or current insurer, who have both directed me to their PDS and the PDS directs me to the legislation, which does not have any type of checklist.
We require this information so we have confidence in the amount we insure the building for and how much we need for our individual contents insurance.
There is a requirement that the property conducts an insurance rebuild valuation every 5 years.
The Body Corporate and Community Management (Small Schemes Module) Regulation 2020 requirements that the property conducts an insurance rebuild valuation every 5 years per the legislation - Section 119.
The basic principle is that if you pick the unit up and shake it anything that falls out is lot owners contents + temporary flooring such as carpet, blinds & curtains, appliances that are not permanently attached, and aircon units servicing an individual lot (QLD only). These items need to be insured by contents/landlord's insurance.
Other permanent fixtures including but not limited to kitchen and bathroom cabinetry are covered by strata insurance subject to the policy terms, conditions and exclusions.
Lot owners should also have contents/landlords insurance to cover property not insured by the strata policy and liability within the lot and I always suggest lot owners add an extra say $10,000 contents cover on what they believe should be covered for any incidental items not considered as it might only cost say $50 for the extra piece of mind.
Applicable Legislation
119 Valuation for insurance purposes [SM, s 200]
- This section applies if, under this part, a body corporate must insure 1 or more buildings for full replacement value.
- The body corporate must, at least every 5 years, obtain an independent valuation stating the full replacement value of the building or buildings.
- The owner of each lot included in the community titles scheme is liable to pay a contribution levied by the body corporate for the cost of the valuation of the building or buildings that is proportionate to the amount of the premium for reinstatement insurance for the building or buildings for which the owner is liable under this part.
- The contribution that the owner of a lot is liable for may be recovered by the body corporate as part of the owner’s annual contribution to the administrative fund.
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Tyrone Shandiman is a seasoned professional in the insurance industry having embarked on his journey in 2004 within the financial services sector. In 2011, he established Strata Insurance Solutions, transforming a garage startup into a reputable firm servicing over 900 clients with a dedicated focus on strata insurance. Tyrone's role extends beyond managing operations and tackling complex insurance matters; he also founded the Australian Consumers Insurance Lobby, championing consumer rights within the insurance industry. Notably, his efforts and expertise have been acknowledged with numerous industry awards. Adding to these accolades, Strata Insurance Solutions was recently named an Australian Top Brokerage by Insurance Business Australia Magazine, a testament to the firm's excellence and leadership in the field. Tyrone is a regular contributor to LookUpStrata.
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