Melbourne Strata Building Insurance Valuation, also known as unit title or body corporate, are a type of property development where units are individually owned but common areas are jointly owned by a group of people, typically the occupants of the units.
The most common type of Melbourne Strata Building Insurance Valuation development is an apartment block, but they can also include townhouses, villas, and commercial premises. While each owner is responsible for insuring their own unit, the Melbourne Strata Building Insurance Valuation is responsible for insuring the common areas, such as the roof, external walls, and common facilities.
A Melbourne Strata Building Insurance Valuation policy covers damage to the common areas of the strata scheme from a range of perils, such as fire, storm, earthquake, and malicious damage.
It is important for the Melbourne Strata Building Insurance Valuation to have an up-to-date insurance valuation of the property, as this will determine the level of cover they need to take out.
The Melbourne Strata Building Insurance Valuation should be conducted by a qualified valuer and take into account the rebuild cost of the property, as well as any special features or fittings that would need to be replaced.
While the Melbourne Strata Building Insurance Valuation is responsible for insuring the common areas, each unit owner is responsible for insuring their own contents. Contents insurance covers the contents of your unit against a range of perils, such as fire, storm, earthquake, and theft.
It is important to make sure you have an up-to-date contents insurance policy that covers the full value of your belongings.
If you are a strata unit owner, it is important to check with your Melbourne Strata Building Insurance Valuation what level of cover they have in place, as you may need to top up your own insurance to make sure you are fully protected.
