Residential Strata

Strata Insurance

What is 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.

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.

Type of CoverPotential Benefits
Building and common contentsBuilding 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 liabilityIf people are injured on common property.
Optional Covers
Personal accident for voluntary workersCompensation to any person injured while carrying out voluntary works on behalf of the owners’ corporation.
Office bearer’s liabilityFor office bearer’s if a claim arising from wrongful acts by the office bearers.
Fidelity guaranteeLoss arising from misappropriation of funds belonging to the owners’ corporation.
Mechanical and electrical breakdownPhysical damage to machinery or electrical items caused by breakdown.