If you own a strata property for a commercial strata, you may be thinking that the body corporate insurance is good enough for you. In fact, it is a device created to safeguard the building and shared spaces. While it’s true, to an extent, that this leaves some areas uncovered by the body corporate insurance, there are still some significant gaps.
Below is the list of seven reasons why you should have your own home insurance despite the fact you have body corporate.
1. Personal Belongings Matter
Imagine arriving at your house and discovering your personal belongings have been damaged or stolen. The corporate body’s policy would not usually provide for such goods as personal property. Home insurance kicks in to protect your belongings, and you won’t have to worry about losing money if the unbelievable happens.
2. Additional Living Expenses
Disasters may be unexpected things that leave your dwelling unusable for a while. During instances like these, home insurance coverage can pay your temporary living expenses, including accommodation and food, while your home is being repaired. Make sure you also have a financial plan or critical support system.
3. Liability Protection
Accidents can and do occur. Whether an injured individual or someone on your property, you could shoulder their medical expenses and other damages. Home insurance has liability insurance that provides financial safeguards with tranquillity in an unexpected accident, action, or litigation.
4. Customization Options
Unlike body corporate insurance, which usually comes with standard coverage for all residents, you can tailor home insurance to fit your needs. Do you prefer to include cover for high-valued belongings, buy liability coverage extensions, or add extra protection for natural disasters? With home insurance, you can customize your coverage according to your needs.
5. Coverage Gaps
Although body corporate insurance usually insures the whole building and common areas, it doesn’t necessarily provide sufficient cover for particular cases, such as internal water damage or damage to fixtures and fittings in your unit. Home insurance compensates for these coverage gaps and ensures the best possible overall home protection.
6. Peace of Mind
By having insurance at home, you can confidently live, knowing you are protected from various financial risks. Whether it is a fire, burglary or a natural disaster, you can leave such costs alone, as your home and belongings will be taken care of.
7. Legal Requirements
In some instances, home insurance could become a legal requirement, and if you have mortgaged your property, it will most likely be a requirement. Besides compulsion, home insurance is worth the money as it wards your financial situation against unexpected burdens and protects your invaluable properties.
Whilst body corporate insurance offers essential protection for commercial strata assets, their treasurers can only partially rely on this security. Being secure and using comprehensive home insurance is one of the ways to protect you and your valuables against unexpected incidences. Do you need building insurance for a unit? Get the right insurance company and secure the future of your home.