Protecting shared investments with tailored strata insurance solutions
Residential Strata Insurance
Insurance for residential buildings under the governance of body corporates or owners corporations, protecting both the physical structure and shared spaces the residents use.
What is covered by Strata Insurance?
Strata Insurance provides coverage for damages that occur to strata properties, such as apartments and townhouses, as well as shared areas such as stairwells and driveways. Additionally, there is an option to include coverage for shared contents, such as lawnmowers and washing machines.
Some policy benefits may include:
- Temporary accommodation costs for unit owners
- 10% of building sum insured if a unit cannot be lived in following an incident covered by your policy.
- Loss of rent following an insured incident
- Up to 52 weeks and 10% of building sum insured if a tenanted unit cannot be lived in.
- Electric motor burnout and fusion in appliances under that are equal to or less than 10 years old
- Up to $1,000 emergency repairs
- Leak exploration costs
- Up to $50,000 cover for embezzlement of funds
- $20 million legal liability
- And many more...
*Please read the PDS for the full list of what is covered and not covered. Residential strata insurance is mandatory for residential strata properties in every Australian state and territory. At a minimum, this insurance must provide coverage for the repair or replacement of the building, common property, and contents of common areas. It also includes coverage for public liability claims related to personal injury or property damage that occurs on common property. Additionally, some states require coverage for workers or protection against committee fraud.
More info
Strata insurance excludes the contents of individual units within a strata property. Owners of these units are advised to obtain their own contents insurance to cover these items. Need cover for contents inside the property? We can assist you. Click on the links below to obtain a quote.
