Does your Strata Insurance cover the most common claims?
At CHU, Australia's leading strata insurance provider, we cover almost 1 million strata units, villas and townhouses across Australia. We have a team of claims experts that can assist clients from claims lodgement right through to handing back the keys. We offer an end-to-end claims management process providing piece of mind especially if the unexpected occurs. The most common claims in strata insurance can vary, but they often include:
Storm Damage: Australia is prone to severe weather events, including storms, hail, and cyclones. These can cause damage to roofs, windows, and external structures.
Water Damage: These are among the most frequent in strata insurance. This can result from burst pipes, leaking roofs, faulty plumbing, or flooding. Flexi hoses which are used to connect water to taps and fixtures are a common cause of water damage. Many owners do not realise that these hoses rust or fray over time. They have a lifespan and need to be replaced by a professional.
Burst Pipes: Burst or damaged pipes can lead to extensive water damage within the strata property. Burst pipes can cause flooding, structural damage, and the need for repairs to both common areas and individual units.
Glass Breakage: This can occur to windows, doors, or shower screens within the strata property. This often results from accidents, vandalism, or extreme weather events. Strata insurance typically covers the replacement or repair of damaged glass elements in the building.
Fire Damage: Fires, whether accidental or due to arson, can cause significant damage to strata properties. Insurance covers repair or replacement of damaged structures and property due to fire.
Vandalism and Malicious Damage: Acts of vandalism and malicious damage can occur in common areas, car parks, or individual units. Insurance can help cover the cost of repairs for broken windows, doors, walls and new locks.
Accidental Damage: Accidental damage arises when damage to the insured property is caused by sudden and unforeseen circumstances such as damaged walls when moving and damaged benchtops due to hot saucepans being placed on them.
Impact Damage: Strata buildings are covered for damage caused by third party vehicles such as a car colliding with the building or common property.
Public Liability Claims: Liability claims may arise if someone is injured, or their property is damaged. Strata insurance typically includes public liability coverage to address these claims.
Office Bearers Liability Claims: Sometimes an owner may deem a decision that has been made by an office bearer (includes the committee) on behalf of the owners to be wrongful or incorrect and takes legal action. Office Bearers liability provides protection for those committee members against these allegations and can cover their legal and defence costs.
It's important for strata property owners, strata managers and insurance broker to carefully review their strata insurance policy to understand what is covered under the policy and what may require additional coverage.
Insurance needs can vary depending on the location, type of property, and the risks associated with the property (past claims, defects or other risk factors).
Regular maintenance and risk mitigation measures can help reduce the likelihood of claims and associated costs and having a comprehensive strata insurance policy in place provides piece of mind to owners.