What separates Strata Insurance in Queensland from all the other states
Strata insurance in Queensland is generally similar to strata insurance in other states in Australia, but there are a few key differences.
First, in Queensland, the Body Corporate and Community Management Act 1997 (BCCMA) regulates the management and maintenance of strata title buildings. This Act covers everything from the appointment of strata managers to the maintenance of common areas, and it is considered one of the most comprehensive strata management laws in Australia.
The Key Difference with Queensland strata insurance.
Another key difference in Queensland, legislation requires buildings to undertake an insurance rebuild valuation every five years, this differs from other states like New South Wales where such requirements do not apply. Also, air-conditioning units servicing an individual lot are not covered by strata insurance and are the lot owners’ responsibility to insure under contents insurance.
Additionally, in Queensland, legislation stipulates strata insurance policies must include coverage for damage from earthquakes, explosions, fires, lightning, storm and water, glass breakage, damage from impact, malicious acts, and riot. This is because Queensland is considered a high-risk area for natural disasters and therefore, insurance companies are required by law to provide coverage for these events.
Overall, while strata insurance in Queensland is similar to strata insurance in other states, the BCCM Act and the need for coverage for specified damage events, insurance rebuild valuations, and property covered are important factors that set it apart.
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.
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