Owning a unit, townhouse, or apartment in a shared building comes with unique responsibilities and risks. Damage to common areas or shared facilities can quickly lead to significant financial strain for all property owners. In strata-managed properties, ensuring the upkeep and protection of these shared spaces is a collective duty.
Having proper safeguards in place provides peace of mind, ensuring that unforeseen repairs or damages are addressed without burdening individual owners, helping to protect both the property and the residents.
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
Why Choose Coverforce?
Founded in 1994, Coverforce has grown to become the trusted insurance partner for thousands of Owners Corporations across Australia. As one of Australia’s largest insurance brokers, our scale and experience allow us to negotiate the best outcomes for our clients, ensuring that their strata properties have the right protection in place.
Our highly experienced strata insurance team are here when you need us. Acting in your best interests at all times, we provide expert guidance, great value cover, and highly responsive claims management. Read on to see how Coverforce goes the extra mile for our strata clients.
The Coverforce Difference
As your trusted insurance partner, we deliver sound advice, excellent service and an insurance program that won’t let you down when it’s time to claim.
- Broad panel of insurance providers: your risk will be marketed to our panel each year with all responses & quotations included in our renewal report.
- Comprehensive renewal strategy: starting 4 months prior to renewal to ensure you receive the right cover at highly competitive rates.
- Best practice renewal report: provided to the Owners Corporation 4 weeks prior to renewal so you can make an informed decision on your cover.
- Highly responsive claims management: we work with insurers on your behalf to expedite claims, resolve disputes and ensure you receive the full entitlement due.
- Ongoing advice and support: no call centres or automated queues, you and/or your Strata Manager have direct access to our team when you need us.
Types of strata we cover
- Residential: including Apartment Buildings, Townhouse Complexes, Villas, Duplexes and more.
- Commercial: including Office Buildings, Retail Complexes, Industrial Units, Business Parks, Warehouses and more.
- Mixed properties: including Residential & Retail Complexes, Residential & Office Buildings, Serviced Apartments, Community & Commercial Hubs, and more.
Strata information by state
We provide comprehensive strata insurance solutions to properties across Australia, servicing Owners Corporations in every state and territory. It’s important to know that different laws govern different states. Click on your state below to find out which insurances are required by law for your property.
Under the Strata Schemes Management Act 2015 (NSW), strata schemes must insure the building and common property for replacement and reinstatement value, along with public liability insurance for at least $20 million.
The Owners Corporations Amendment Act 2021 (VIC), mandates that all strata buildings be insured for full replacement value, including shared infrastructure; as well as public liability for a minimum of $20 million.
The Body Corporate and Community Management Act 1997 (QLD) requires bodies corporate to hold insurance for full replacement value of common property and any buildings, as well as public liability of at least $10 million.
The Strata Titles Act 1985 (WA) dictates that strata companies must take out full replacement value insurance, known as “strata company insurance”. It must cover buildings and common property for their full replacement value. Public Liability Insurance up to a minimum of $10 million is also mandatory.
The Strata Titles Act 1988 and the Community Titles Act 1996 (SA) outline that a strata corporation must have building insurance and public liability insurance. If it has an administrative or sinking fund, it must also have fidelity guarantee insurance.
The Strata Titles Act 1998 (TAS) requires that the body corporate for a strata scheme must have an insurance policy for the buildings and any other improvements on the site, including lots and common property. It also requires public liability insurance for the site.
The Unit Titles (Management) Act 2011 requires owners corporations to insure all buildings and common areas for reinstatement and replacement value. The owners corporation is also responsible for taking out Public Liability Insurance.
The Unit Title Schemes Act 2009 mandates that bodies corporate must have insurance covering buildings and common property for full reinstatement and replacement. The body corporate must also insure against public liability for the minimum cover of $10 million.
Request a Quote
At Coverforce, we have extensive experience in managing the requirements of strata managers and owners corporations. We have a dedicated strata insurance team providing comprehensive reports, quotes and recommendations from specialist strata insurance brokers. The outcome is a 'win-win' for strata managers and their respective owners corporations.
For more information or to speak to one of our brokers about arranging cover, please contact us.
Alternatively, you can simply fill out a Strata Insurance Quote form below and one of our insurance brokers will get in touch with you within one business day.
Request a quote
