Strata insurance is required to provide a minimum level of cover to protect the buildings and liabilities of the owners and occupiers, as well as property and liability cover. It is possible to include covers for voluntary workers, protection of office bearers and for theft of common funds.
The policy covers the building, including architect fees and the removal of debris. The value is determined by a property valuation, which needs to be revisited every 5 years to ensure it is up to date and in line with the replacement cost of the property. Legal liability is also covered with a minimum of $10 million.
There is a range of optional extras that can be included to increase the effectiveness of the policy. These include:
Contact Midas Insurance today on 1300 664 272 to have a member of our expert team assist you in choosing the right domestic strata insurance policy that meets your needs. We will be happy to discuss your requirements and answer your questions and queries.