What are the benefits of non-strata cover building insurance?
Non-strata insurance can provide a range of benefits for landlords, particularly those who own a block of residential units that isn’t under the strata scheme.
Just as a starter, it’s custom-designed to cater to the unique needs of non-strata properties, ensuring a more tailored fit for coverage.
- Firstly, it offers a cost-effective alternative to expensive commercial packages. This was demonstrated in a recent case where a client’s rate dropped from $6,500 to $5,500 for a $1.75 million property.
- Secondly, with non-strata insurance, there’s an enhanced loss of rent coverage for landlords, usually up to 15% of the building’s value. The benefit? It gives you peace of mind knowing that you’re protected from potential loss of rental income.
- Thirdly, it addresses the issue of incorrect coverage often seen with single-tenant landlord policies. For multi-unit landlords, this is no small matter.
- Finally, it fills a significant gap in the market, as many insurers largely overlook non-strata blocks, leaving landlords with inadequate coverage options.
In a nutshell, non-strata insurance takes a more personalised approach to protection. That means you get the assurance that comes with having an insurance policy crafted with your specific needs in mind.
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