Does insurance cover construction defects?
In general, most insurance policies specify that: If damage was caused by the non-rectification of a defect you were unaware of, or could not have reasonably been expected to be aware of, then repairs for the resultant damage will be covered..
Does strata insurance cover water damage?
The intent of strata insurance is to cover claims for water damage that is sudden and accidental. In many instances, strata insurance will cover the hidden perils of burst or leaking pipes when physical evidence of damage is first noticed and a claim is made.
Is Strata responsible for leaking shower?
While a leaking pipe could indeed be the likely culprit, an incorrectly sealed or damaged water membrane in the shower recess could also cause damage of this nature. … With respect to the water damage caused to the walls and ceiling, this is generally covered by the Strata building Insurance policy.
What does strata pay for?
Strata fees, also called levies, are contributions generally paid quarterly into the strata plans bank account. These fees are used to fund the ongoing expenses of the scheme for things like cleaning, gardening, electricity and building maintenance, plumbing works etc.
Does strata cover building insurance?
Under a strata scheme in NSW, the owners corporation is legally required to take out strata insurance cover for the building, common property and common contents managed by the owners corporation. Strata insurance covers the following: … Reinstatement and replacement insurance for buildings on common property.
What does strata insurance generally not cover?
Generally speaking, items that aren’t covered by strata insurance include internal fittings and fixtures, lights, carpets, floorboards, furniture, electrical items, jewellery and other personal belongings.