A: Strata insurance is a type of insurance cover designed specifically for strata properties, including residential and commercial strata buildings. It provides protection for common property, common contents, and can cover bearers liability. You need strata insurance to ensure that your property and assets are adequately protected in case of unexpected events or damages.

A: Strata insurance covers not only individual units within a strata building but also common areas and shared facilities managed by the body corporate or owners corporation. Regular home insurance typically only covers the individual unit or property itself, without including common property or liability for the whole building.

A: You should consider consulting a strata insurance broker when you need specialised advice on strata insurance needs, want to ensure you have the right level of insurance cover for your strata property, or are looking for competitive strata insurance quotes from different insurers.

A: A strata manager is a specialist strata professional who oversees the management of strata title properties on behalf of lot owners. They work closely with body corporate committees to arrange services such as strata title insurance, office bearers liability, and association insurance. If you’re looking for Australia’s top strata insurance experts, you may want to consult a specialist strata insurance broker such as HMD Insurance.

A: When choosing a strata insurance broker, consider their expertise in strata insurance, experience working with different insurers, their ability to provide tailored insurance solutions for strata properties, and their understanding of the unique needs of body corporates and strata communities.

A: Yes, a strata insurance broker can assist with insurance for both residential and commercial strata properties. They have the knowledge and expertise to find suitable insurance cover for different types of strata buildings, including duplexes, townhouses, strata buildings, and mixed-use developments.

A: Insurers play a critical role in providing strata insurance by underwriting policies, determining insurance premiums, assessing risks associated with strata properties, and processing insurance claims in case of damages or losses. They work closely with strata insurance brokers to offer comprehensive insurance solutions for strata communities.

A: Strata insurance brokers can help body corporates choose the right insurance cover by conducting a thorough assessment of the strata property’s needs, comparing insurance quotes from different insurers, recommending suitable insurance products, and providing ongoing support in managing insurance claims and renewals.

A: Terms related to contract works insurance include annual policy, subcontractors, display homes, single project policy, and ABN (Australian Business Number).

A: Contract works insurance is crucial for businesses in the construction industry as it provides protection against potential financial losses due to unforeseen events during the project.

A: Builders, tradies, and construction companies often require contract works insurance to protect themselves and their projects during the construction process.

A: Brokers can assist in finding the right insurance policy tailored to your specific needs, ensuring you have the peace of mind you need while working on projects.

A: Contract works insurance is crucial in providing financial protection against unforeseen events that could cause damage to the build or impact the progress of a construction project.

A: Contract works insurance can be beneficial in cases of damage to the build, issues causing delays or disruption to the project, or liability for any accidents that may occur on the construction site.

A: Contract works insurance is specifically designed to cover risks associated with construction projects, such as damage during construction, while other business insurances may focus on different aspects of a company’s operations.