Residential Strata

FAQ'S

• Question:

  What is a building generally covered for under a Residential Strata Insurance policy?

  Answer:

  Strata Insurance policies generally cover material damage as a result of an insured peril to structural fixtures including fixed plant, machinery and underground services. They also generally extend to provide cover for proprietors’ fixtures, fittings and improvements which form part of the building. Some of these items include built-in ovens, stovetops, kitchen cupboards, hand basins, baths, showers and spas and pools in common areas.

• Question:

  Are contents usually covered under a Residential Strata policy?

  Answer:

  Strata Insurance specifically excludes contents within individual units such as carpets, curtains, blinds, light fittings and electrical appliances not actually wired into the premises. These items should be insured by your Contents Insurance or Landlord Insurance policy.

• Question:

  Do I need a valuation on my building?

  Answer:

  The law requires that buildings are insured for full replacement and reinstatement value.  Whitbread recommends that you obtain a professional valuation.

• Question:

  What is a flood?

  Answer:

  The flood definition has been standardised for all ‘retail’ products which includes residential strata. Refer to your insurer’s Product Disclosure Statement for a full definition.

• Question:

  Is flood covered under a Strata Insurance policy?

  Answer:

  Strata Insurance policies do provide storm cover but generally do not automatically provide flood cover.  Flood cover may be requested by strata owners, however insurers will assess their willingness to offer flood cover based on the location of property and the proximity of rivers, lakes and dams. This extension of cover, if granted, will attract an additional premium.

• Question:

  What if I rent out my unit?

  Answer:

  Unit owners need to purchase Landlord Insurance as separate policies to the Strata Insurance.  Landlord Insurance provides insurance protection for your liability as a Landlord.  In addition the insurance provides for Landlord’s contents, loss of rent by an insured peril and other benefits.

• Question:

  What if I live in my property?

  Answer:

  As an owner occupier of a unit, you should arrange cover for your furniture, personal contents, jewellery, collections and other special items. Personal Contents Insurance policies provide legal liability protection for any third party injuries or damage to third party property that may occur anywhere in Australia. If you are a tenant, your Contents and Public Liability are not covered by the Landlord’s Insurance policy.  Tenants should arrange their own Contents Insurance.

• Question:

  How do I make a claim?

  Answer:

  Prompt notification of any fire, accident, theft, malicious damage or injury, which may lead to an insurance claim is of the utmost importance, contributing towards achieving a speedy settlement from the insurers.

  The provision of as much detail as possible when reporting incidents on the insurance claim form is of equal importance to avoid delays. We’ve created a claims checklist to assist you prepare your claim.  See our Clams page.

  If you need to notify us of a claim, please fill out our online claims lodgement form or contact our Claims Department by phone 1300 424 627.

  If your property is professionally managed, contact your Strata Manager and they will advise you of the procedures for lodging a claim. Strata Managers wishing to lodge a claim on behalf of their client should also use our online claims lodgement form.

• Question:

  How do I apply for a Certificate of Currency?

  Answer:

  Should you require a Certificate of Currency or need to note the interests of a Mortgagee on the building policy, please fill in the online application. A $44.00 fee applies for a Certificate of Currency which can be paid for using our online payment facility. Certificates will be issued within three working days. Please contact our office by phone should you require a certificate urgently.  A fee of $66.00 applies.