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 $20million) 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
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
