Strata Insurance. Done Right.
Essential insurance to protect your buildings and shared areas within strata-titled property.
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What is strata insurance cover?
Strata insurance cover is a specialised packaged insurance product designed to protect buildings and shared areas within a strata-titled property. This includes residential buildings and complexes, commercial buildings, and mixed-use developments. Strata insurance typically covers the common property and shared assets, such as roofs, elevators, lobbies, and parking areas.
Whether you’re looking for residential strata insurance or commercial strata insurance, it’s important to have comprehensive protection to effectively meet your needs and guard against incidents on your strata property.
What does strata insurance protect against?
Both residential strata insurance and commercial strata insurance protect against risks like fire, theft, vandalism, and natural disasters. This includes the shared liability risks associated to the members of the body corporate. Without strata insurance, individual unit owners could be financially responsible for damage or legal liability claims related to the complex and common areas, which can be significantly costly and complex to manage collectively.
Why do you need strata insurance cover?
The need for strata insurance arises from the collective ownership and shared responsibilities inherent in strata living. Since multiple owners share the common areas and facilities, it is essential to have a comprehensive insurance policy to manage and mitigate potential risks. This ensures that in the event of accidental damage or incident, such as fire or water damage, the repair and legal liability costs are covered, protecting all owners from substantial financial losses.
Strata insurance and legal liability
Additionally, strata insurance often includes liability coverage for injuries that occur on the common property, further safeguarding the owners and the strata corporation from legal and associated expenses.
Strata insurance can cover pay compensation, reasonable temporary accommodation costs, and other legal costs which may otherwise incur steep fees.
Who needs to consider strata insurance?
Owners corporations and body corporates all need to ensure that they have strata insurance cover to adequately protect against property damage, public liability, and other coverages which are often a requirement of state law. Strata managers will also need to have a comprehensive understanding of the insurance coverage of the strata properties, as they coordinate the daily running of strata activities and help ensure legal requirements are met.
