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These include contents owned by the Body Corporate/Owners Corporation such as carpets within hallways and lobbies, pot plants, mirrors and other adornments within common areas.
Also included are washing machines and dryers owned by the body corporate or owners corporation and used by all unit owners and housed in common laundries.
The cover provided by the Strata Building policy ends when any property is owned by the individual lot owner e.g. carpets and blinds within the unit/lot.
In general, strata insurance costs the same or less for each unit owner.
Each strata insurer develops and offers a unique commercial product in accordance with its underwriting appetite. Some common factors contributing to the premium include: