INSURING YOUR HOME
What’s the difference between strata insurance and building insurance?
What’s the difference between strata insurance and building insurance?
Strata insurance is a policy designed for residential strata, group and community title properties, body corporates, owners corporations, and strata managers. A strata policy of insurance normally covers properties within the one building, complex or block of land. These types of policies normally cover the building(s), parking, and other common areas within the lot or complex.
On the other hand, building insurance normally covers an individual domestic property that is not part of a strata or body corporate scheme.
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GIO Strata Insurance provides cover to strata building and other common areas within the strata property. In addition, GIO Strata Insurance also provides other additional benefits and aspects of cover, including:
- Removal of debris;
- Legal liability; and
- Temporary accommodation/loss of rent.
Make sure to read your policy carefully in order to understand everything provided by GIO Strata Insurance, and to get the right amount of cover for you.
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Who manages strata insurance?
Strata insurance is usually managed by a strata manager, property manager, or unit owner who’s been asked to manage the policy on behalf of all the owners. The term differs depending on which state you’re in. Your building may already be insured if your property is part of a strata or other group scheme. It’s worth checking.
What does strata insurance cover?
GIO Strata Insurance covers damage caused to strata properties including shared property like sealed driveways and stairwells. As part of your building, things like decks, garden borders, and retaining walls are also covered after an insured incident has occurred. For an additional premium, you can also cover common contents which refers to your unfixed property that sits within the common areas of your building.
Basically, under GIO Strata Insurance, there are things that are considered your building* (like verandas), and common contents (such as shared laundry appliances and cleaning equipment). If cover is purchased for building or common contents, they’re covered for insured incidents, like theft or burglary, or flood.
*Refer to the GIO Strata Insurance PDS for what we cover and do not cover as the building and common contents.
What’s not covered by GIO Strata Insurance
Like all policies, exclusions will apply to Strata Insurance. Full details of all exclusions are available in the PDS.
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Insurance issued by AAI Limited ABN 48 005 297 807 trading as GIO. Consider the Product Disclosure Statement before making a decision about this insurance. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.
