Understanding Lot Owners, Fixtures and Fittings Cover
Lot owners, fixtures and fittings cover is designed to offer additional protection on top of the building sum insured. While many fixtures and fittings are automatically covered within the building sum insured, this specialised cover caters to scenarios where owners make renovations or add fixtures that are not adequately factored into the building sum insured. By including this additional cover, strata insurance policies provide comprehensive protection to property owners.
Scope and Coverage
When owners renovate or add fixtures to their units, the building sum insured may not account for these changes. In such cases, lot owners, fixtures and fittings cover comes into play once the building sum insured has been fully exhausted. Insurance assessors will then evaluate and provide coverage for the additional fixtures and fittings. This additional cover is typically offered by most insurers with coverage ranging from $250,000 to $300,000, and it is included in the strata insurance policy without any extra premium cost.
Benefits of Lot Owners, Fixtures and Fittings Cover
Adequate Protection: By having this specialized cover, property owners can ensure that their renovations and added fixtures are fully protected, minimising potential financial risks in case of damage or loss.
Peace of Mind: Knowing that their additional investments are covered by strata insurance provides peace of mind for lot owners, allowing them to enjoy their property enhancements without worry.
Cost Savings: Lot owners, fixtures and fittings cover is typically provided at no additional premium cost. This means that property owners can benefit from the extended coverage without incurring extra expenses.
Lot owners, fixtures and fittings cover plays a crucial role in strata insurance, offering additional protection to property owners who make renovations or add fixtures to their units. Strata Insurance Solutions understands the importance of this cover and provides comprehensive coverage to ensure property owners' peace of mind. With our tailored insurance solutions and commitment to our clients, we strive to be the preferred choice for your strata insurance needs.
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This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Shandit Pty Ltd T/as Strata Insurance Solutions strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances. Shandit Pty Ltd T/As Strata Insurance Solutions is a Corporate Authorised Representative (No. 404246) of Insurance Advisernet Australia AFSL No 240549, ABN 15 003 886 687.