Question: I own an investment unit in a strata building and I have landlord insurance. What is covered under my landlord insurance and what is covered under my strata insurance?
Answer: If you were to pick the unit up and shake it, anything that falls out is lot owner’s contents
The basic principle is that if you were to pick the unit up and shake it, anything that falls out is lot owner’s contents + temporary flooring such as carpet, blinds & curtains, appliances that are not permanently attached and aircon units servicing an individual lot (QLD only).
Other permanent fixtures including but not limited to kitchen & bathroom cabinetry are covered by strata insurance.
Lot owners should also have contents/landlords insurance to cover property not insured by the strata policy & 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.
Tyrone Shandiman Strata Insurance Solutions E: tshandiman@iaa.net.au P: 07 3899 5129
This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Shandit Pty Ltd T/as Strata Insurance Solutions strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances. Shandit Pty Ltd T/As Strata Insurance Solutions is a Corporate Authorised Representative (No. 404246) of Insurance Advisernet Australia AFSL No 240549, ABN 15 003 886 687.