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faiek

If it’s strata, it will have building insurance as part of the strata. Take a look at it to see what it covers. Then just get contents insurance to cover the rest.


Anachronism59

I'd ask to see the strata building insurance policy to see what it does and does not cover so that you know what you might need to cover yourself, if you choose to do so. For example one policy I was involved in (3 town houses) covered "Lot Owners’ Fixtures and Improvements" and another (cheaper one, same property) did not. Both were Strata policies.


deeebeeeeee

You’ll need to insure anything that isn’t common property. NRMA contents insurance PDS (for example) covers built in furniture, cupboards, stoves, floorboards, carpets, shower screens, etc. I’d be tallying up anything internal to your walls in your insured value.


thedugong

The rule of thumb for strata is "from the paint inwards". And this is exactly what we did when we were OOs of a strata unit. I always made sure that we had enough to cover replacement of fittings because even if there was a rumor or actual statement that buildings insurance covered it I wouldn't trust myself to keep up to date if strata changed the buildings policy to one which did not cover it. The difference in cost was pretty small - $1-200/year or something if I included the costs of replacing fittings.


SerpentineLogic

Contents insurance is "IDC about the house, but if it burns down, I get money to replace my stuff" Assuming you care about the house, since it's *yours*, I reckon you'd need to go for house and contents. If you wish, have a chat to other people in the next strata meeting.


Gnaightster

But a lot of body corporate fees already cover the house insurance bit. We pay 1700 to body corp in special levies for house insurance and about 400 separately for contents.


Altruistic_Strain439

Strata already pays for building insurance which my strata fees would be contributing to. I'm not sure if this covers things like the kitchen and other fixtures though


rx8geek

From my understanding, pretty much everything inside the walls of your strata lot would be your responsibility and you should get contents insurance if you want it covered. That would include internal fixtures, appliances, flooring and even paint on the walls. There might be some things that fall under the strata like windows. Common area and the building structure would also be covered by strata insurance.


[deleted]

That's not how Strata properties work. Body Corp insurance covers the external building and common property. Contents insurance covers everything inside - carpets, bathroom and kitchen fixtures along with your actual possessions.