What is defined as personal contents and what is a fixture?
As an Owner it may be difficult to define personal contents and what is a fixture. A rule of thumb is if it is attached or fixed to the building, it’s a fixture of the building. If you can pick it up and take it with you, it’s personal contents.
A strata manager manages common property. Their duties do not extend inside a lot for maintenance, other than to enforce the by-Laws and arrange repairs on a Lot boundary that impacts common property or other units, such as a leaking shower drain which causes water ingress to a unit below.
In summary Strata Insurance extends limited cover inside your Lot only for what forms part of the building structure as defined by the STA for resultant damage from accidental damage or perils covered by the policy, not your removable contents, as referenced above and illustrated in the table within this pdf document.
What does an Owner need to insure?
Things not covered by strata insurance and including: Removable contents and chattels for e.g. furniture, personal belongings temporary fixtures, like floating floors and carpets etc. as contents insurance. Contact us to verify that you are not overlapping your insurance arrangements.
What is Your Legal Liability Exposure?
As an Owner you also have Legal liability exposure arising out of the use of your Lot. Whether you live in your Lot or you lease your property to a tenant, it is important to ensure that you have insurance protection. Generally when you buy residential contents insurance or Landlords insurance, both policies will provide cover for legal liability insurance.
Does your tenant need insurance?
A tenant living in strata should have contents insurance for themselves, similarly to cover their own contents, but also their legal liability. A tenant can become liable to the Strata Company for negligent claims that encroach beyond the confines of the Lot and extend into common property.