Areas which can include driveways, stairways and rooftop gardens.*
Strata Insurance
Ideal for owners corporations and for strata managers looking for Strata Insurance. This product offers cover for strata title buildings, including for shared areas like driveways and stairways.
Benefits of AAMI Strata Insurance
We take the time to understand and protect what matters most to you, providing peace of mind and support when you need it most.
- Streamlined Process- Save time and effort by dealing directly with the insurance provider.
- Pricing - Clear and upfront insurance premiums when purchasing directly from AAMI.
- Insurance know how – Benefit from our broad Insurance knowledge.
- Transparency and control: By taking out AAMI’s strata insurance, you’ll have full visibility and management of your insurance coverage.
What is Strata Insurance?
Strata insurance - also referred to in some states as body corporate, owners corporation, common property or residential strata insurance – is insurance designed for strata title properties.
Depending on the policy, it may cover damage caused to strata properties, such as apartments and townhouses under strata title. It may also cover damage to common property like stairwells and driveways.
It may also offer cover for lost rent and provide temporary accommodation for unit owners if they can’t stay in their property due to an insured event.
Coverage
What does AAMI Strata Insurance cover?
AAMI Strata Insurance offers cover for strata titled buildings with common property(such as apartments and townhouses) for incidents such as break-ins and extreme weather events.^*
For an additional premium, the policy can cover shared contents like laundry equipment and gym equipment.
Multiple buildings on the block including common property
Temporary accommodation
Temporary accommodation for unit owners if their unit is damaged and can’t be lived in, as a result of an incident covered by the policy.*
Loss of rent
The most we will pay under this cover in relation to the same incident is 10% of the building sum insured for a maximum period of 52 weeks. This is only if a unit owner’s unit sustains damage, causing it to be uninhabitable for their tenant due to a policy-covered incident.*
Office bearer's liability
Can cover up to $1 million for all claims in the period of insurance for office bearers for loss arising from any claim first made against them for a wrongful act in the period of insurance.*
Common contents
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.
Sum Insured is the total amount you choose to insure common contents. It’s the maximum we’ll pay for loss or damage to common contents at the insured address for one incident, subject to the limits, conditions and exclusions of your policy.
It is your responsibility to select a sum Insured for common contents that meets your needs.
What's included
Optional Covers
Short term rental, holiday rental or house sharing
We don’t cover your building if the building or a unit is used for short term rental, holiday rental or house sharing. This includes if a unit is available through Airbnb or Stayz. Read the PDS for what is and isn’t covered.
What isn’t covered
What is strata insurance for?
This is just a summary. For full details check the PDS (Product Disclosure Statement).
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Home Insurance articles
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Strata units are treated a bit differently from a standalone home when it comes to insurance. Learn some of the differences to better know where you may stand!
Understanding the difference between fixtures and fittings can make life easier when figuring out your home insurance policy.
When the unexpected happens, you might be on the hook for repair costs and loss of rent while your property is out of action during repair time. Find out how AAMI Landlord Insurance can come in handy.
Common Strata Insurance questions
What isn’t covered under AAMI Strata Insurance?
We don’t cover your building if the building or a unit is used for short term rental, holiday rental or house sharing. This includes if a unit is available through Airbnb or Stayz.
Who can manage strata insurance?
Strata insurance may be arranged by a strata manager, property manager . Your building may already be insured if your property is under strata title. It’s worth checking.
^ We do not insure you for bushfire, storm, storm surge, flood or tsunami in the first 72 hours of your policy. Read the PDS for details.
* Subject to limits, exclusions and conditions. Read the PDS for details.
Multiple buildings on the block including common property
Areas which can include driveways, stairways and rooftop gardens.*
Temporary accommodation
Temporary accommodation for unit owners if their unit is damaged and can’t be lived in, as a result of an incident covered by the policy.*
Loss of rent
The most we will pay under this cover in relation to the same incident is 10% of the building sum insured for a maximum period of 52 weeks. This is only if a unit owner’s unit sustains damage, causing it to be uninhabitable for their tenant due to a policy-covered incident.*
Office bearer's liability
Can cover up to $1 million for all claims in the period of insurance for office bearers for loss arising from any claim first made against them for a wrongful act in the period of insurance.*
Common contents
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.
Sum Insured is the total amount you choose to insure common contents. It’s the maximum we’ll pay for loss or damage to common contents at the insured address for one incident, subject to the limits, conditions and exclusions of your policy.
It is your responsibility to select a sum Insured for common contents that meets your needs.
Short term rental, holiday rental or house sharing
We don’t cover your building if the building or a unit is used for short term rental, holiday rental or house sharing. This includes if a unit is available through Airbnb or Stayz. Read the PDS for what is and isn’t covered.
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