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Strata Insurance: Protection for Your Property
Strata insurance can be an important way to help protect shared residential properties, such as apartments and townhouses, against unforeseen events. This type of cover can help protect common areas and shared assets, subject to the policy terms, conditions, limits and exclusions.
Why Choose Strata Insurance?
Owning a property within a strata scheme involves unique responsibilities. Strata insurance can help protect against risks such as fire, storm damage, theft, and liability claims arising from accidents in common areas. This type of cover can form an important part of a broader property risk management approach.
Strata Insurance Options May Include:
- Building and Common Property Coverage: Structural elements and shared spaces, including lobbies, hallways, and recreational facilities.
- Public Liability Insurance: Certain legal claims for injuries or damage occurring in common areas.
- Loss of Rent: Lost rental income if units become uninhabitable due to an insured event, subject to the policy's benefit limits and maximum payment period.
- Catastrophe Cover: Some policies offer additional benefits for specified costs following a qualifying catastrophe. Check the policy definition, triggers and limits; this does not mean every disaster is covered.
Responsibilities, Limits and Exclusions
The owners corporation or body corporate generally arranges insurance for the scheme's building and common property. Responsibilities depend on the strata plan and state or territory requirements. Lot owners and tenants should check whether they need separate contents, landlord or liability cover rather than assuming the strata policy covers their belongings or all rental risks.
Read the Product Disclosure Statement and policy schedule for insured events, excesses, exclusions and optional benefits. Check how the policy treats flood, building defects, wear and tear, and maintenance-related damage. Review the building sum insured against current rebuilding costs, including any allowances for demolition, debris removal and professional fees.
Costs and Claims Considerations
Premiums can be affected by location, building construction and condition, rebuilding value, claims history, selected cover and excesses. When comparing strata insurance quotes, consider the total premium, fees and charges alongside limits, exclusions and the excess payable for each type of claim.
Before a claim arises, confirm who should notify the insurer or broker and how excess payments will be handled. Keep maintenance records, photographs and receipts, and check the policy's notification and repair requirements before authorising non-emergency work.
Strata Insurance Options For Your Property
We connect strata owners, committees and property managers with insurance brokers who can help them explore cover options for their property.
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Please note that some of our calculators may use assumptions that are not necessarily applicable to your current specific circumstances and we therefore cannot always guarantee their accuracy. You should always seek professional financial advice from a licensed professional before proceeding with any financial recommendations.
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