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What does my strata insurance cover? (PT3)

Hey, this is your power realtor Cherine Anderson with another power tip.

Do you know what is actually covered by your property insurance?

 

Well, let me break it down there are two types.
  • Insurance for the outside of the building (Common area).
  • Insurance for the inside of the building.
But I’m specifically speaking to what happens in a common area, you know, that insurance that you pay to your strata.
This is generally wrapped into the maintenance and it’s determined by the size of your apartment. The size or square footage of your apartment determines something called the unit entitlement.
If you are getting mortgage to buy your apartment, this is extremely important because most financial institutions will not commit to a mortgage for complexes that are not insured.

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