Strata Insurance

If you own a townhouse, unit, or apartment and you're sharing common space with others, you don't want to be left to foot the bill if there's damage to shared parts of the building or items.

Strata insurance protects the building and common areas or facilities, with the premiums paid for by the owners' corporation.

Who should consider it?

Strata insurance is compulsory in every state - so if you're part of an owners' corporation in a townhouse, unit, flat, apartment or duplex, the owner's corporation will need strata insurance.

An insurance broker can arrange strata insurance on behalf of the owners' corporation.

Strata Community Association

"As a [strata] owner, you also have a share of an unlimited liability for anything that goes wrong, which is why strata insurance is compulsory in every state and territory.'

What can it cover?

Strata insurance can cover the building and all common or shared property, and contents which belong to the owners' corporation. The type of cover and its cost will depend on the kind of building, where it's located and the amount of common property you share.

Compulsory covers

Building and common contents

Building and common content including equipment, furniture, carpets etc in any common area for which the owners' corporation is responsible. This can include cover for loss of rent or alternative accommodation due to an insured peril.

Public liability

If people are injured in common property.

Optional covers

Personal accident for voluntary workers

Compensation to any person injured while carring out voluntarily works on behalf of the owners' corporation.

Fidelity guarantee

Loss arising from misappropriation of funds belonging to the owners' corporation.

Office bearer's liability

For office bearer's if a claim arising from wrongful acts by the office bearers.

Mechanical and electrical breakdown

Physical damage to machinery or electrical items caused by breakdown.