Strata Insurance

Comprehensive protection for residential and commercial strata properties and owners

Owning or managing property in a shared strata environment, whether residential, commercial, or mixed-use, comes with unique risks and responsibilities. Damage to common property or shared facilities can quickly create significant financial costs for all owners. In any strata-managed scheme, it’s essential that these shared spaces are properly protected.

Strata Insurance provides cover for the building and common property, along with liability protection for the owners corporation and committee members. It helps ensure that repairs, legal costs, and unexpected events are managed effectively without placing unnecessary financial strain on lot owners.

What is Strata Insurance?

Strata insurance is designed to help protect buildings under shared ownership, including residential apartments and units, commercial strata properties, and mixed-use developments. It is typically compulsory across all Australian states and territories.

It generally covers common areas such as hallways, roofs, lifts, car parks, gardens, and shared facilities. The policy provides financial protection against damage, theft, and liability, ensuring that repairs and maintenance of shared property are appropriately covered.

A Strata Insurance policy typically covers:

• Buildings, including common contents and common property such as lifts, pools, car parks, gardens, wiring, balconies, walls, and ceilings in residential, commercial, and mixed-use strata schemes
• Public liability (typically ranging from $5 million to $50 million) in the event that someone is injured on common property
• Fidelity guarantee
• Office bearers’ liability
• Personal accident cover
• Workers compensation (where applicable in ACT, WA, TAS, and NT)

Who is it suitable for?

Owners corporations | Strata managers | Residential strata complexes | Commercial strata schemes | Mixed-use developments | Committee members