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.
What is strata insurance?
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.
Who offers strata insurance?
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
Cover up to 10 buildings on the block including shared properties like driveways and stairwells.
Temporary accommodation if the unit is owner occupied, and gets damaged up to an unlivable state.
Option to take out extra "Shared contents" to cover things like washing machines or shared gym equipment that's not owned by the unit occupier.
By phone: 13 22 44
Strata insurance
Repairs, recovery and replacements are covered from accidental damage, malicious damage and major disasters.
Replacement of stolen contents owned by the corporations like lobby furniture.
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.
What does residential strata insurance cover?
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.
What doesn't it cover?
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:
Fixtures that can be removed without causing damage to the property.
Any temporary structures, like caravans, houseboats and motor vehicles.
Any carpets, rugs and curtains.
Air conditioning units that service a particular unit.
Lawns, garden areas, trees or plants in the grounds.
Any part of your building used for any business activity unless it’s shown on your certificate of insurance.
Personal items and contents (either your own or your tenants’).
What factors can contribute to strata insurance premiums?
Each provider will have specific factors and considerations, but common factors that can affect premiums are:
Government taxes on insurance (stamp duty and GST).
The age and condition of the building.
The replacement cost of the building.
The risk profile of the location (such as on a flood plain or high crime area).
The claims history of the strata complex.
Commercial activities carried out on the premises (holiday letting, community events, etc).
Fees and commissions from agents.
The costs of common property (such as fire protection systems, lifts and pools).
Adjusting the level of excess payable at the time of a claim is another way of bringing premiums down.
What's the difference between strata insurance and landlord insurance?
Strata Insurance
Landlord Insurance
Mandatory.
General insurance for building, common property and common contents managed by the strata title.
Helps with cost of repairs and rebuilding of common property in the case of a natural disaster (provided it’s not excluded by the policy).
Doesn’t include contents inside individual apartments such as blinds, curtains, carpets, light fittings, unwired electrical appliances and personal items.
Certain risks not covered, such as landslides and flood, or features like fencing.
Non-compulsory
Covers tenant related losses such as rent default, or stolen and damaged contents.
Policies are designed for strata title owners who are renting out property, helping to pay rent, the cost of repairs and stolen or damaged contents, and more.
Doesn’t cover personal possessions and furnishings of owner occupiers or tenants living in the strata property.
What's the difference between residential and commercial strata insurance?
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.
Why you can trust Finder's home insurance experts
We're free
You pay the same as buying directly from the home insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of home insurance brands, making it easier for you to find a good deal.
We're here to help
Since 2014, we've helped 150,000+ people find home insurance by explaining your cover options simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.
Alexandra Koster is Finder's publisher for car, home and pet insurance. She has a Tier 1 certification in General Insurance, as well as a Bachelor of Arts in Film and Cultural Studies from the University of Sydney. Her hobbies include reading Product Disclosure Statements and deciphering complicated insurance lingo to help people save on their insurance so that they can spend their money on better things – like dogs.
The Federal Court of Australia today dismissed proceedings brought by ASIC against Finder Wallet. The Judgment, handed down by Justice Markovic, ruled that Finder Earn was compliant with applicable consumer financial laws.
The Kia EV6 GT is a vehicle that marks a significant point in the evolution of the modern performance car, a nod to the future where speed and power coexist with sustainability and practicality.
Aussies are sick of being made to feel like criminals at the checkout, according to new research by Finder.
Feedback
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
