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 part of the building or items.

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Strata

Who should consider it?

Strata insurance

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.

Strata

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As a Strata owner, you also have a share of an unlimited libility for anything that goes wrong, which is why strata insurance is compulsory in every state and territory
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According to the Insurance Council of Australia, many strata schemes pay around a third of the premiums of an equivalent stand-alone home policy.
(Strata community association, understang strata, 2018)

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The number of apartments in Australia is increasing with a 30.6% rise in apartment approvals predicted in November 2017
(ABC WEBSITE, 'APARTMENT BOOM CONTINUES AS DEVELOPMENT APPROVALS JUMP',2018)
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 cos will depend on the kind of building, where it's located and the amount of common property you share.

what

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what usually isn't covered?

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:

  • Asbestos or asbestos derivatives
  • Erosion or earth movement.
  • Certain property features such as fencing.
  • Contents within apartments.