Landlord lot owners in our small scheme make claims for damage caused by their tenants on our strata insurance. This has increased our premium. Shouldn't they have landlord insurance?
Should a strata lot owner who rents out their lot have landlord insurance? I live in a 3 lot complex. The other 2 lots are rentals. The landlord lot owners make claims for damage caused by their tenants on our strata insurance. This has increased our strata insurance premium. This isn't fair. They are collecting rent on their lots and should have seperate landlord insurance to cover damage caused by their tenants. It doesn’t seem reasonable that I should bear the increase in insurance premiums for their tenant's damage.
Strata Insurance covers all items defined as building – it is not possible to get a separate landlords policy to cover building items that the strata policy covers.
Strata Insurance covers all items defined as building – it is not possible to get a separate landlords policy to cover building items that the strata policy covers, hence the reason legislation requires the strata corporation to have cover.
The basic principle is that if you pick the unit up and shake it, anything that falls out is lot owners' contents/landlords + temporary flooring such as carpet, blinds & curtains, appliances that are not permanently attached.
Other permanent fixtures including but not limited to kitchen and bathroom cabinetry are covered by strata insurance subject to the policy terms, conditions & exclusions.
When you purchase in strata, you buy into the claims history of the complex – unfortunately the only way to avoid a shared claims history is not to own in strata at all.
Log in to your existing Lookupstrata Account to download the printable file.
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.
Lookupstrata Directory
Looking for WA Strata Specialist in your area? Search within our LookUpStrata Directory for the best list of contacts available
Search the directory
Comments
Log in to leave a comment