VIC Strata & Building Insurance

Discussion in 'Property Management' started by Ripe, 28th Oct, 2019.

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  1. Ripe

    Ripe New Member

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    I'm a bit confused about whether I need building insurance when there's already strata insurance, is it essential to have? If I still need building insurance for fixtures, how do you calculate the sum? I'm an owner occupier and this is in VIC.
     
    Ripe, 28th Oct, 2019
    #1
  2. bunkai

    bunkai Well-Known Member

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    There is the theoretical answer but I always get a copy of the strata policy to check the value / t&C's
     
    bunkai, 29th Oct, 2019
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  3. Scott No Mates

    Scott No Mates Well-Known Member

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    @Ripe - the answer depends on the situation. As an occupant/owner you do not need to insure the building & common areas as this is covered by the insurance effected by the BC and is compulsory to cover the risk of all owners.

    You need to determine what you own within the building (ie your four walls) which aren't covered by strata insurance eg. the kitchen, floor coverings, bathroom fitout, blinds, wallpaper/paint etc anything you/previous owners have installed within your unit.
     
    Scott No Mates, 29th Oct, 2019
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  4. Hamlet5

    Hamlet5 Active Member

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    Just bumping this post as I have the same question.

    I recently got a unit (ie, villa of 3 on the black; my garage shares the same wall with another villa) and was wondering if the strata insurance covers my building? In other words, if my home was to burn down would the Strata Insurance cover me enough to provide money to rebuild the villa?

    I know strata insurance doesn't cover contents but I'm wondering specifically about the building.
     
    Hamlet5, 27th Apr, 2021
    #4
  5. Scott No Mates

    Scott No Mates Well-Known Member

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    Have you asked the chairman of your OC for a copy of the policy?
     
    Scott No Mates, 28th Apr, 2021
    #5
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