Importance of Insurance

As a homeowner or housing provider, securing adequate insurance is crucial to protect your home, belongings, and investment from the day of completion to resale. While maintenance fees cover some aspects, strata insurance and building warranties may not fully protect you in all situations. 

Key insurance considerations for coverage include, but are not limited to:

• Liability Insurance – Covers accidents or injuries occurring on your property.
• Property Risk – Protects against damages from fire, theft, vandalism, water damage, and more.
• Rental Income Insurance – Ensures continued rental income if a tenant must vacate due to repairs.
• Additional Living Expenses – Covers accommodation costs if you need to move out temporarily for repairs.
• Deductible Insurance – Helps cover strata deductibles if you or a tenant cause damage.
• Loss Assessment Coverage – Protects against liability claims or building damage exceeding strata coverage limits.
• Personal Belongings Coverage – Covers your furniture, electronics, clothing, and valuables, which strata insurance does not.
• Upgrades Coverage – Protects any modifications or improvements made after moving in.

It is strongly recommended that you obtain personal coverage. If you’re a housing provider, it is also strongly recommended that you require your tenants to obtain their own insurance and provide proof of coverage while residing in your home.  

To determine the right coverage for your needs, consult your insurance provider as soon as possible or (at minimum) as soon as you receive your completion date.

For more detailed information about the importance of insurance, please see the attached documentation.