Residential Strata Insurance
Find it challenging to understand where you fall under the nuances of residential strata insurance? This essential service is just that – essential. But it’s also hard to get your head around.
Until now.
As industry leaders, we specialise in delivering comprehensive and reliable residential strata insurance catered to your distinctive needs.
What Residential Strata Insurance Covers
Residential strata insurance is more than just another line item in your financial plan. It's a strategically designed protection system that absorbs the financial shock of unforeseen incidents and keeps your property investment safe and secure.
A few key parts make up this form of coverage, designed specifically for strata properties.
Building and Common Property Coverage
It's essential to know that strata insurance fundamentally covers the building structure and common property. This includes anything from shared spaces like swimming pools and gyms to essential infrastructure like roofs, walls, and elevators. Your insurance policy will shoulder the financial burden if a calamity strikes that damages these areas.
Public Liability
Imagine if a visitor or resident was injured on the shared property. Or if someone's personal belongings were damaged due to a fault in communal spaces. These scenarios fall under public liability claims, and your residential strata insurance covers this, too, making sure you're paid.
Voluntary Workers Coverage
This component is often overlooked but indeed crucial. If a voluntary worker sustains an injury while working on the common property, this section of your policy provides the necessary coverage. It's an added layer of protection that contributes to creating a safer community environment. Examples for voluntary workers would be a retired person who takes out the bins, or a kid who sweeps up the yard.
Office Bearers Liability
For those holding positions on the strata committee, there's a unique risk of being held liable for decisions or actions that impact the community. Residential Strata Insurance provides coverage to protect these individuals from personal financial loss.
Legal expenses
This covers the defence cost of the strata. At times there are disputes and legal action can be taken against the strata. Instead of using the sinking fund or having the owners pay out of pocket, this allows them to defend legal claims even if they were not held liable.
"Duo Insurance impressed me with their comprehensive approach to strata insurance. They offered personalised advice and a customised policy that perfectly suited the unique needs of our strata corporation. The thorough coverage provided us with a great sense of security. I highly recommend their services."
Why All Landlords Need Residential Strata Insurance
When you have a portfolio of investment properties to manage, securing these assets is the most important step of all.
As a property investor, this type of landlord insurance is a proactive way of safeguarding your property portfolio.
Residential Strata Insurance serves as a contingency plan for unexpected property damage, liability claims, and other circumstances that could incur costly repairs or legal expenses. It helps protect your financial stability by covering substantial losses and liability claims that may arise.
- Financial Safeguard: Without proper insurance, you may face enormous out-of-pocket expenses for damages or lawsuits. With comprehensive coverage, these unexpected financial burdens can be significantly alleviated.
- Risk Management: Unforeseen incidents like fire, flood, or theft can significantly impact your property. A robust residential strata insurance plan manages these risks by providing necessary coverage.
- Legal Liability Insurance: This feature can cover legal expenses and damages if someone is fatally or seriously injured on your property.
How Duo Insurance Shields Your Investment Property
We understand that your residential strata property isn’t just an investment; it’s a testimony to your hard work and ambition. This is why we’ve fashioned our residential strata insurance service to provide comprehensive coverage against various risks.
With Duo Insurance, you get robust protection against unpredictable incidents. From potential damages due to fire, floods, or storms to liability claims brought forward by third parties,
- Exclusive Coverage: Our Residential Strata Insurance policy extends beyond general features to include exclusive coverage for things like common areas, structures, and shared amenities ordinarily overlooked by traditional insurance solutions.
- Personalised Plans: We do not adopt a one-size-fits-all approach. Our team works closely with you to understand your needs and creates a tailored insurance program to match those needs, ensuring you pay only for what’s necessary.
- Reliable Support: Uncertainties can strike at any time. Duo Insurance offers ongoing customer support, so you’re always kept in check during emergencies.
- Easy Claim Process: Making an insurance claim should not add to your woes. That’s why our claim process is simple, fast, and transparent, ensuring less to worry about during stressful times.
Cover Your Asset Now
Ready to protect your property investment from unexpected risks? Contact Duo Insurance to see how we can tailor a policy that suits you.
Need help with commercial strata insurance? We can help with that too.
Frequently Asked Questions
How does residential strata insurance differ from regular home insurance?
Residential strata insurance differs from regular home insurance in several ways. Firstly, it’s specifically designed for properties under a strata scheme, owners corporation or body corporate. This type of insurance covers common areas such as gardens, driveways, stairwells, and elevators shared by multiple unit owners.
On the other hand, regular home insurance is more focused on individual properties like standalone houses. It mainly covers the actual building, its contents, and, to some extent, liability in case someone gets injured on the property.
Another important distinction is that strata insurance usually includes liability coverage for incidents occurring in common areas, which sets it apart from typical home insurance. In essence, residential strata insurance and regular home insurance cater to the needs of different property owners, covering various aspects unique to their respective ownership structures.
What are the benefits of using Duo Insurance?
Opting for Duo Insurance instead of other insurance brokers to protect your property investment carries some huge benefits, including:
- Comprehensive Coverage: Duo Insurance offers a versatile coverage plan encompassing many possible incidents. From public liability to loss of rent, we’ve got you covered. Our policy even covers environmental damages like storms, floods, and fires.
- Customisable Plans: We recognise that each property investor’s needs are unique. Therefore, Duo Insurance offers customisable plans that readily cater to your requirements. If there are certain aspects of coverage you feel are unnecessary, or if you want additional coverage, we’re here to make it happen.
- Competitive Premiums: We offer market-competitive premiums. With our diverse options, we provide a plan that best suits your budget. Remember, insurance isn’t just a cost, but an investment towards securing your property.
- Expert Advice: Our team of experts can guide you through the nitty-gritty. They will help you understand the complexities to make an informed decision.
- Reliable Claims Process: If you need to make a claim, rest assured that Duo Insurance has a user-friendly and efficient claims process. Our dedicated team works diligently to settle your claims quickly and fairly.
Overall, Duo Insurance takes pride in our service to deliver a comprehensive, customisable, and customer-friendly strata insurance solution. Let us protect your investment so you can enjoy its rewards with peace of mind.
How does Duo Insurance ensure the protection of my property investment?
At Duo Insurance, we understand the unique challenges that property investors face. We offer comprehensive strata insurance cover, specially designed to provide full coverage for strata properties such as apartments, townhouses, and condominiums.
Our insurance offers robust protection against damages from natural disasters such as fire, storm, or floods, and also covers ramifications of human activities like theft or vandalism. In the unfortunate event of these incidents, you can repair or rebuild your property without depleting your investment funds.
We also cover the legal liability for personal injury or damage that happens on your property and extends to the communal areas. Any third-party claims for injuries in the swimming pool, gym or garden are taken care of, protecting your investment and peace of mind.
Duo Insurance aims to secure your property investment from all possible threats, giving you the confidence and assurance you need to focus on growing your investment portfolio.
Did you know we also offer non-strata insurance?