Residental Strata Title insurance
Residential Strata Title Insurance is specifically designed for strata title properties. Properties of this nature have specific insurance requirements that may not be catered for under standard home insurances.
To learn more about this cover, read the Residential Strata Title insurance Product Disclosure Statement and Policy brochure.
TIO's Residential Strata Insurance offers a range of different types of covers:
| Cover options | |
| Building/Common Contents |
Covers loss or damage to insured property, including damage caused by cyclones, storm surge and floods |
|---|---|
| Legal Liability |
Covers legal liabilities arising out of your ownership of the property. You can select a sum insured of $10 million or $20 million, dependant on your requirements |
| Personal Accident(voluntary workers') |
Offers a loss of income benefit to a voluntary worker injured whilst working for you in an unpaid capacity |
| Fidelity Guarantee |
Protects the body corporate funds against embezzlement or fraud by a committee member |
| Office Bearers' Liability | Provides protection for office bearers held legally liable for wrongful acts, such as providing property managers with incorrect instructions or failing to exercise due care when negotiating on behalf of the unit owners |
Our Residential Strata Title Insurance also provides an option for unexpected events:
Disaster Cover
Following a significant event that causes widespread property destruction, like cyclone, earthquake or flood, it is common for building costs to increase significantly, with the result your building sum insured may prove inadequate.
If you select Disaster Cover and:
- your building suffers damage that is insured under the strata title policy, and
- the damaged was caused by an event which leads to the declaration of a state of emergency or state of disaster per the provisions of the Northern Territory Disasters Act, and
- the site at which your building is located is in the region to which the state of emergency or state of disaster applies, then
We will increase the sum insured on your building by 30%, giving your body corporate the added protection to help meet the rebuilding costs.
The information given is a guide only. Terms, Fees and Conditions do apply. Obtain the Product Disclosure Statement and Policy before making any decisions about this product.
You will need Adobe Acrobat Reader to read and print the Product Disclosure Statement and Policy. The reader can be downloaded from the Adobe Web Site.