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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 is Strata Insurance?

Strata Insurance covers buildings with shared property, such as apartments and townhouses, in case of insured incidents such as break-ins and extreme weather events. The policy is normally shared between body corporate members. For an additional premium, it can cover shared contents like laundry equipment and gym equipment.​

What does Strata Insurance cover?

Strata Insurance covers damage caused to strata properties, like apartments and townhouses, including shared property like stairwells and driveways. It includes cover for lost rent and temporary accommodation for unit owners, if an insured incident means that the property can’t be occupied. Insured incidents include things like fires, floods and break-ins.​

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

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.

 

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 accommodation

Temporary accommodation for unit owners if their unit is damaged and can’t be lived in, up to 10% of the building sum insured and the longest period that can be claimed for is 52 weeks, as a result of an incident covered by the policy.​

Loss of rent

Up to 10% of the building sum insured and the longest period that can be claimed for is 52 weeks, for unit owners if their unit is damaged and their tenant can't live in it as a result of an incident covered by the policy.​

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.

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 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.

Strata Insurance is for

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

We don’t cover​

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.​

To get a quote talk to us
13 22 44

Send us an enquiry online

Strata Insurance explained

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.

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.

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Cover your own contents 

When you're the owner of strata property

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.

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.

Landlord Contents

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

Find out more

Home Contents

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

Find out more

This content applies to new policies and renewal policies with a start date after 14 December 2020.

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.

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.

 

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.