Hi guys,
Management of our Body corporate was recently passed over to a body corporate manager. As a result, we were advised to take up a Residential Strata Insurance plan. We decided to do this as it would be cheaper to combine all building insurance in one and it meant that it would also cover owners liability to common areas.
Our Residential Strata insurance Certificate of insurance outlines that we are covered for the following –
1) Covers buildings for $1.3m
2)Property owners Liability – $10,000,000There are 4 units and we recently undertook a building valuation. All of this is fine, however this is where I am confused.
Does our property owners liability only cover common areas?
I am an owner investor and have tenants in the property.
Should I also arrange a landlords policy to provide public liability cover within the unit as well? Or does the Residential Strata Insurance also cover any liability within my building?For example, say my tenant was to electrocute themselves as a result of faulty wiring, if they were to fall and break a leg, if a tradesmen was to injure themself in my property would I be covered? or liable if I also do not take out a separate policy?
Basically, my question is does my current common strata insurance cover what happens within my property?
I do not care about the contents in the place such as furnishing etc so I do not really want to insure for contents as I am willing to take that risk but do not want to take public liability risk.Thanks for your help
Strata PL ins will cover the strata's lliablility on common property – if you require PL for your own purposes then you will need to effect a policy. You may consider a landlord's insurance policy to that effect.
Propertyboy,
a few questions if I may? I am Strata Titling some units right now and have come across similar queries.Who did you use for your Residential Strata insurance Certificate of insurance?
Did you shop around for this and see much variation in policy and price?
Was this organised through your Strata Manager? If so, did they give you a package price or discount on their services for organising the
Who are you using for your Strata Manager?
Feel free to PM me if you would prefer to keep this private.
Thanks,
EVbody corporate manager sourced 3 companies, based on building val.
Took middle ranged one as it had $20mil pub liability.
So if I was to not get public liability for my own property, does that mean if my tenant was to sue me I could lose my house?
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