One of the responsibilities of an Owner’s Corporation is to get the right insurance. It can be tricky to know what is needed, and it can be devastating to your investment if something happens, only for you to find out that you don’t have the correct insurance.
Owner’s Corporation Insurance.
Many insurance brokers offer specialised Owner’s Corporation insurance. It can vary between providers, but it will generally cover the structure of the buildings and fixtures, but not the contents of the lots, or public liability outside of common areas.
Public liability is usually covered in common areas, such as stairways, gardens or elevators, but the amount of insurance should be kept to proper levels. Also ensure that the condition of the property is kept in line with the report provided to the insurer to keep the insurance valid.
Ensuring that everyone’s investment is covered is one of the key responsibilities of the Owner’s Corporation. The amount of cover should be determined by a valuation at least every five years, along with the specific requirements of the area. For example, if you are in a zone that frequently has heavy rain, getting flood and storm damage options on your policy is certainly a requirement.
If someone is injured on common property, having insurance to cover the cost (and provide legal representation if necessary) takes a lot of the worry away from an incident.
Depending on the requirements of the property, the Owner’s Corporation may choose to cover things such as the mechanical breakdown of an elevator, contents of a common area, such as pool furniture, natural disaster cover, and a whole host of other options that are worth considering.
Making a claim.
With Mayfield as your Owner’s Corporation Manager, we help you make any necessary claims. This means that your claim will have the necessary information, in the proper format from the first contact, and can greatly shorten the time taken to get the claim resolved.
Choosing the right insurance for you.
While it is always better to be safe than sorry with your investment, avoiding unnecessary expenses, and even more costly omissions, is a key aspect of having a hassle-free Owner’s Corporation. This is where Mayfield’s decades of experience and expert knowledge can help you get the insurance you need at a competitive price. We know what your insurance should cover, as well as an estimate of what it should cost. Let us help you protect your investment now and in the future, so you can enjoy it for years to come.