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Residential Strata Properties

Strata Insurance

Cover for strata title buildings as well as shared areas such as driveways or stairways. Option to include cover for shared contents.

  • For owners corporations or strata managers
  • Covers all buildings and shared areas

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13 22 44

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What we cover

Up to 10 buildings on the block including shared access 

Such as driveways, stairways and roof-top gardens that aren’t part of the individual properties.
Up to $5 million dollars
Shared (or ‘common’) contents OPTIONAL

Such as washing machines, gardening equipment and shared gym equipment that doesn't belong to a unit owner or tenant, up to a chosen Sum Insured.
Temporary accomodation

Up to 52 weeks for unit owners if their unit’s damaged and can’t be lived in. 
Loss of rent

Up to 52 weeks loss of rent for unit owners if their unit’s damaged and their tenant can’t live in it.
Office bearer's liability

Covers up to $1 million for office bearers or committee members if a claim’s made against them for a wrongful act.

Sum Insured

The total amount you choose to insure the contents of your home for. It’s the maximum we’ll pay to repair or replace them in the event of an incident.

It’s important that the ‘Sum Insured’ accurately reflects the replacement value of your contents.

 

Work out the value of your contents from the Contents Calculator

This is just a summary. For full details check the PDS (Product Disclosure Statement). It's dry, we know, but it's essential reading.

Strata Insurance is for

  • Residential strata title properties
  • Duplex, townhouse, unit/flat
  • 2-10 buildings on a block
  • Strata or property managers

Strata Title

Strata title commonly refers to units/flats, apartments or townhouses, with common areas such as stairways, foyers, roof-top gardens, lifts and even swimming pools shared by each owner. A body corporate, or strata or owners corporation, is set up to handle maintenance of common areas and insurance of the buildings.

Strata title can also refer to duplex and triplex houses that share, for example, only a driveway or garden area.

This is just a summary. For full details, check the PDS (Product Disclosure Statement). It's dry, we know, but it's essential reading.

To get a quote talk to us
13 22 44

Send us an enquiry online

Does my property need Strata Insurance?

Strata Insurance explained in a minute

Strata Insurance explained

Strata Insurance - also referred to in some states as Body Corporate, Owners Corporation, Common Property or Residential Strata Insurance - applies to multiple residential buildings on a parcel of land. It applies to strata title properties.

Who is Strata Insurance managed by?

Strata insurance is usually managed by a strata manager, property manager or unit owner who’s been asked to manage the policy and cost on behalf of all the owners. The term differs depending on which state you’re in. Your building may already be insured if your property is part of a strata or other group scheme. It’s worth checking.

What if I don't have a strata manager or property manager?

If you’re the owner of a unit in a complex, it’s likely that your building is managed by a body of some sort already. If you’re not sure, check with the real estate agent that you bought the property through or do a strata or other title search of the building.

If you own a property that isn’t managed by a body – for example, if you have one of two properties that only share a driveway - you’ll need legal advice about whether you need to set up an appropriate body with your neighbour.

AAMI Lucky Club offers unique experiences exclusive to our customers. Access to shows, events and attractions with a little something extra – for you to enjoy with family and friends. That’s not very insurancey.

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Cover your own contents 

When you're the owner of strata property

Cover the contents that you (i.e. as the owner of an individual property and not the body corporate) own.  Our contents cover also includes fittings that aren’t legally part of the owners’ corporation property, such as a floating wooden floor or air conditioning unit.

Fittings

Fittings that aren't legally part of the building according to the relevant state law. The law varies in each state, so depending on the location of your unit 'fittings' could include:

  • lino installed in the unit
  • floating wooden floors in the unit
  • air conditioners and spas for the sole use of the tenant of the unit
  • wall paint and paper inside the unit if your unit is located in New South Wales.

Landlord Contents

You rent out your property furnished and want to cover those furnishings.

Find out more

 

I'm ready for a quote

Home Contents

You live in your property and want to cover your contents.

Find out more

 

I'm ready for a quote

AAMI Home Building and Home Contents Insurance, Landlord Insurance, Strata Insurance, Car Insurance, Motorcycle Insurance, NSW and ACT CTP Insurance, Caravan Insurance, Business Insurance and Travel Insurance are issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) trading as AAMI. AAMI Life Insurance and Accidental Injury Insurance are issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (SLSL) and are distributed by Suncorp Financial Services Pty Ltd ABN 50 010 844 621, AFSL 229885 (SFS) under the AAMI brand. AAMI Income Protection is issued by SLSL and distributed by SFS, under the brand AAMI, and AAI, who only issues the redundancy benefit. AAI trading as AAMI does not provide any financial product advice in relation to AAMI Life Insurance, Accidental Injury and Income Protection (except in relation to the redundancy benefit).

AAMI Health Insurance is issued by nib health funds limited ABN 83 000 124 381 (nib) a registered private health insurer, and is arranged by Suncorp Insurance Ventures Pty Ltd ABN 53 158 182 042 (SIV), for which SIV receives commission.

Pet Insurance is issued by The Hollard Insurance Company Pty Ltd (ACN 090 584 473; AFSL 241436) (Hollard); distributed by Pet Insurance Pty Ltd (ACN 607 160 930; AR 1234944) (PIPL) and PIPL’s authorised distribution partners (including Platform Ventures Pty Ltd (ABN 626 745 177; AR 001266101) (Ventures) under the AAMI brand); and administered by PetSure (Australia) Pty Ltd (ACN 075 949 923; AFSL 420183) (PetSure). PIPL and Ventures are authorised representatives of PetSure. PIPL and PIPL’s authorised distribution partners (including Ventures) will receive a commission which is a percentage of the premium paid to Hollard and PetSure may receive a portion of the underwriting profit, if any – ask PetSure for more details.

Registered Office, Level 28, 266 George St, Brisbane QLD 4000. Information provided is general advice only and has been prepared without taking into account any person’s particular objectives, financial situation or needs. Read the relevant Product Disclosure Statement or Policy Document available at www.aami.com.au and consider whether it’s appropriate for you before making any decisions about whether to buy or continue to hold a product. Information current as of 9 July 2015.