COMMERCIAL & DOMESTIC STRATA INSURANCE

If loss or damage was to happen to your strata building or the shared contents of the building, you dont want to be left with the financial burden of the repairs.

If you own a townhouse, unit, apartment or strata business 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 parts of the building or items. So, it’s important to help protect your property – and your back pocket – with the right strata insurance. Strata insurance can protect the building’s common areas or facilities, with the premiums paid for by the owners’ corporations.

Who should consider it?
Residential strata insurance is compulsory in every state – so if you’re part of an owners’ corporation in a townhouse, unit, flat, apartment or duplex, the owner’s corporation will need strata insurance. Business owners who work in a strata building should also consider strata insurance.
The cover can be managed by an appointed strata manager, or an insurance broker can take care of it on behalf of the owners’ corporation.

What can it cover?
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 cost will depend on the kind of building, where it’s located and the amount of common property you share. It can include:

  • Car parks

  • Ceilings

  • Fences

  • Common areas

  • Floors

  • Lifts

  • Shared contents, such as lawnmowers and washing machines

  • Swimming pool

  • Wiring

Strata Title Insurance generally covers you for:

  • 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