Strata Insurance

Cover for shared property under a body corporate

Often mandatory for strata schemes (apartment buildings, unit complexes). Covers common areas, building structure, and liability for owners’ corporations.

Key Benefits

Protect Shared Spaces

Hallways, lobbies, lifts, and communal facilities.

Legal Requirements

State laws require strata plans to hold certain levels of insurance.

Public Liability Cover

Protects the body corporate against legal liability for injury or damage occurring on common property.

Building Replacement Cover

Ensures financial protection for the full rebuild cost after events like fire, flood, or storm.

Emergency Temporary Accommodation

Covers temporary housing costs for lot owners or tenants if units are uninhabitable due to insured damage.

Catastrophe Cover

Additional protection to assist with rebuild costs after declared catastrophes like bushfires or cyclones.

Voluntary Workers Cover

Provides compensation for volunteers working on behalf of the strata committee who are injured while performing duties.

Machinery Breakdown Cover

Covers repair or replacement of essential machinery like elevators, pumps, and air conditioning units on common property.

Fidelity Guarantee

Protects against financial loss caused by fraudulent or dishonest acts by committee members or managing agents.

Frequently Asked Questions

Owners need separate contents cover for their personal items.

Strata Insurance covers common property, while Home and Contents Insurance covers individual units.

Policies cover damage to common areas like lobbies, hallways, and shared facilities.

The body corporate must maintain the common property and comply with policy terms.

Yes, it typically includes public liability insurance for incidents occurring on common property.

Strata insurance may cover improvements to common property, but owners' individual renovations usually need to be disclosed or covered separately.

Yes, most strata policies provide cover for temporary accommodation if damage to insured property makes the unit uninhabitable.

The body corporate pays the premium, but costs are shared among all lot owners via strata levies.

Generally yes, but it depends on the policy. It’s important to check the specific inclusions and exclusions.

A professional valuation is typically used to determine the replacement cost of the building and common property.

Some strata policies include legal liability cover or can be extended to include legal expense coverage for certain disputes.

Only if the damage is to structural elements or fixtures covered under the strata policy; contents or personal property are excluded.