Throughout Australia, commercial strata title properties are required to carry strata insurance.
When you buy a commercial property with a strata title, you or your company will become the owner of your own unit, but you and the other owners will also be jointly responsible for the common property. Parking lots, driveways, building facades, elevators and lifts, swimming pools, shared restrooms, and other facilities are examples of common property.
Your policy can be customised, so you only pay for the cover you need.
There are often exclusions, limits and optional covers which apply, so contact an Avoca Insurance Broker to discuss your specific insurance needs.
Insurance Valuations are mandatory under each state’s strata legislative requirements and should be carried out by qualified, CERTIFIED individuals. Under current legislation, Reinstatement & Replacement Valuations must be executed every 5 years. We can help you organise a valuation for your property.
You can give us a call to discuss. On the other hand we recommend MCG Quantity Surveyors to all our clients with properties under $10M and you can request your own Valuation below via their link.
REQUEST A VALUATION FROM MCG QUANTITY SURVEYORS
Please note that some real estate appraisals will not be accepted by insurers as most of them are market valuations and NOT reinstatement valuations so they cannot be relied upon.
At the moment, OBL is not a mandatory requirement, which can seem strange considering the possible risks involved. Many people who accept the typically voluntary "Office Bearer" positions of Secretary, Treasurer, or Chairperson of a Body Corporate are unaware of the significant personal risk that comes with holding such a position.
In fact, even in cases where the Office Bearer is innocent of any wrongdoing, they may still be held personally liable for any lawsuits filed by other members of the Body Corporate.
It is prudent for businesses to have safeguards in place in case something goes wrong. It is advised that the Body Corporate purchase the highest amount of insurance they can manage and to review this amount on a regular basis.
The flood cover on some policies is based on the zoning and for addresses that fall in low risk zones, flood cover is an auto inclusion in the policy.
There are addresses which are in high flood zones. In those cases, flood cover is optional and there is a premium charge to attach the flood cover.
And then there are very high risk zones, where insurers do not or may not offer flood cover.
The flood ratings are designed based on various data sources to ensure appropriate zoning and ratings are applied.
