Strata Insurance covers damage that is caused to shared living options, like units and town houses. It can include shared use areas like stairwells, walls, gardens, garages, waste areas and driveways. Effective Strata Insurance from Sure Insure makes the difference between swift agreements or ongoing disputes. Why? Because managing peoples’ lives can be emotional and tricky.
Tailored Strata Insurance is always essential. This is because of the large number of people who occupy a blocks of housing. These people can be owners, tenants, managers, their families and, often, pets. But a lot of different people and a lot of different lives, habits and usage can lead to very complex situations.
Strata comes with shared plumbing, electrical supply and strata rules. These affect thing such as painting colours and storage allowance. Standards and rules are needed, but can cause arguments, large single claims, counter-claims or complex issues between individuals. To try to avoid lawyers getting involved it is always best to ensure that you have extensive cover. Make sure your policies are up to date and evolve to cover existing and new occupants. This is especially important if the tenant or owner has specific needs such as disability access.
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Effective Insurance is an essential aspect of Strata management
Strata Insurance from Sure Insure always recommends cover for lost rent and respite accommodation. This means the strata manager can rehouse the occupants if an event happens that means that part or all of the property becomes unliveable. This reduces or eliminates loss of income to the owners and agents. Depending on the level of cover, those affected can be rehoused in a variety of options. This can be over an agreed period or allow an offer of help towards permanent rehousing if needed.
Strata insurance is usually managed by a strata manager, property manager or unit owner. This is because an elected individual needs to run regular meetings for the property owners. These meetings are to discuss issues in individual units or the buildings in general. The manager is usually asked to manage the insurance policy and split the cost on behalf of all the owners. The terms and laws differ depending on which state you are in so your building may already be insured if your property is part of a strata or group scheme. Because of this, make sure you confirm with an agent when thinking about a strata purchase.