Strata buildings are becoming increasingly popular in urban areas, with more and more people choosing to live in apartments and townhouses. However, many strata owners are unaware of the significant risks they face when it comes to insurance coverage. In this article, we’ll explain why every strata building needs an insurance valuation report. You can also contact the best quantity surveyors via Archi-QS.
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With the rise in popularity of strata buildings in urban areas, it's important for owners to be aware of the potential risks they face when it comes to insurance coverage. Many strata owners are unaware of the importance of having an insurance valuation report, which can help protect their investment and ensure they have adequate coverage. In this article, we'll delve into the reasons why every strata building needs this type of report and how it can benefit both owners and tenants.
A strata building is a multi-unit property that is jointly owned by all the unit owners. Each owner has a portion of the property, such as an apartment or townhouse, and shares ownership of the common areas, such as the roof, exterior walls, and hallways. Strata buildings are managed by a strata corporation, which is responsible for maintaining and repairing the common property.
Conclusion
Every strata building needs an insurance valuation report to ensure that it is adequately insured and to protect the owners from financial loss in the event of a catastrophic event. Strata owners should work with a professional valuer to prepare an accurate valuation report and should review their insurance coverage regularly to ensure that it remains up to date.