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 part of the building or items.
Strata insurance is compulsory in every state-so if you’re part of an owners’ corporation will need strata insurance.
An insurance broker can arrange strata insurance on behalf of the owners’ corporation.
Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:
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