Strata Insurance

Owning a property in a shared building, such as a unit, townhouse, or apartment, comes with its own set of risks and responsibilities. When damage occurs to common areas or facilities, the financial impact can quickly extend to all property owners. In a strata-managed setting, it's vital to ensure these shared spaces are properly protected.

With the right strata insurance, you can protect both the property and its residents from unexpected repair costs or damages. This coverage ensures that the financial responsibility of maintaining and repairing shared areas is not left to individual owners, providing a safety net for the entire community.

What is Strata Insurance?

Strata insurance is designed to protect buildings that are under shared ownership, such as townhouses, units, or apartments and is compulsory in every state. It typically covers common areas like hallways, gardens, roofs, and shared facilities. The insurance provides financial protection against damage, theft, or liability, ensuring that repairs and maintenance costs for the building's shared spaces are covered.

A Strata Insurance policy typically covers you for:

• Buildings, including common contents and common property such as lifts, pools, car parks, gardens, wiring, balconies, walls, ceilings etc.
• Liability (ranges from $5million to $50million) in the event that people are injured on common property
• Fidelity Guarantee
• Officer Bearers’ Liability
• Personal Accident
• Workers Compensation in ACT, WA, TAS and NT