Do I need strata insurance?
Yes. Strata insurance is mandatory under each state's relevant strata legislation. Just as cars must have a CTP, each strata title owner is required to have sufficient strata insurance.
Looking for strata insurance? As a strata owner or management, you need to find a policy with adequate cover for the building while also fulfilling legal requirements.
Our guide explains what strata insurance is, what it covers, and how you can get it.
Residential strata insurance is the general insurance that covers any commonly used areas within the property. It provides cover for the building and common property that is shared by people living in a townhouse, duplex or set of flats.
It’s basically insurance for areas you share with your neighbours, and the building itself. This includes things like lifts, pools, car parks, gardens, balconies, driveways and swimming pools.
It’s also referred to as body corporate, owners corporation, common property or residential strata insurance.
Strata insurance premiums are usually shared between owners and tenants, often being included in strata fees and liabilities.
There are numerous insurance providers within Australia who offer a range of varying strata insurance cover. Strata managers and body corporates often employ a broker or specialist underwriting agency to help negotiate the right cover for their titles.
Here is an outline of a handful of Australian strata insurance providers:
Brand | Here's a summary of some of the benefits | How to get a quote |
---|---|---|
![]() Strata insurance |
| By phone: 13 22 44 |
![]() Strata insurance |
| Fill out a form here: https://quote.chu.com.au/strata/#/step-1 |
![]() Residential strata insurance |
| By phone: 13 24 81 |
![]() Strata insurance |
| By phone: 13 10 10 |
![]() Strata insurance |
| Fill out a form here: https://quote.chu.com.au/strata/#/step-1 |
Yes. Strata insurance is mandatory under each state's relevant strata legislation. Just as cars must have a CTP, each strata title owner is required to have sufficient strata insurance.
Each policy is different and you should check what is covered under your policy. However, strata insurance typically covers the common and/or shared property as defined by the title of the property.Confused as to what this all means? Basically, you’ll be covered for anything your tenants all have access to, such as:
All policies must provide liability cover in the event of injuries on common property.
Like all insurance policies, it’s the exclusions you need to take equal note of. Different providers include different exclusions, so be sure to read the terms and conditions carefully, as these can often be targeting certain risks, such as flood or landslides. But general exclusions are usually:
Each provider will have specific factors and considerations, but common factors that can affect premiums are:
Adjusting the level of excess payable at the time of a claim is another way of bringing premiums down.
Strata Insurance | Landlord Insurance |
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Strata insurance is split into two categories, residential and commercial. Basically, residential is for anyone living in a building and commercial is for any building that’s only used for business purposes.
Both residential and commercial strata properties are required to have the relevant insurance in place. Each state and territory has its own specific terms and conditions needed for strata insurance, and most providers will cater to certain states and strata types.
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