Strata Insurance
Strata insurance provides cover for all common property managed by the owners corporation (also known as the body corporate). It is not just limited to repair and replacement of physical property in the event of damage but also provides for compensation claims to be made regarding incidents that may occur on the strata title property.
Protect Your Strata Property with Confidence
Strata Insurance is designed to protect buildings and common property under a strata or body corporate arrangement. It can help cover physical damage, legal liability, and other risks associated with shared ownership properties.
Policies can be tailored for:
- Residential strata properties
- Commercial strata complexes
- Mixed-use developments
- Apartment buildings
- Townhouse complexes
- Industrial units
- Retail and office strata properties
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What does Commercial Strata Insurance Cover?
Commercial Strata Insurance protects the shared common areas of commercial or mixeduse buildings from insured damage and liability risks, helping strata communities stay financially protected and operational.
Strata insurance offers protection against damage or destruction to common property and shared assets as defined on the property’s title, such as driveways, lifts and pools. It covers common risks, including building damage and repairs, theft of common area contents, public liability incidents and expenses incurred in recovering from significant disasters.
What does Residential Strata Insurance Cover?
Residential strata insurance is coverage designed to protect residential properties including apartments, units, and townhouses. This essential insurance covers the building structure and common areas that are shared by all residents in a strata scheme.
Common Property Coverage:
Protection for the physical structure, common areas, and shared facilities such as lobbies, lifts, pools, and gardens
Public Liability Protection:
Coverage for the body corporate or owners corporation’s legal liability to others for accidental injury or property damage
Contents in Common Areas:
Protection for shared property like furniture in common rooms, and maintenance equipment
Loss of Rent and Temporary Accommodation