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Apartment Building


Strata Insurance covers the common property under a particular strata title, body corporate or owners’ corporation. Strata insurance is compulsory and the costs are normally shared between the lot owners.

Cover isn’t limited to the common or shared property. Each state has a slightly different legislation, however it generally includes all shared amenities, walls, balconies, windows, ceilings, floors and lot owner building upgrades.

Liability cover is mandatory under a strata policy. It is important to note that the liability cover does not include liability within each lot owner’s unit unless the negligence is a result of the strata body’s negligence. The lot owner has a responsibility to insure for their liability separately.

Strata insurance also excludes any personal contents or business contents belonging to tenants or lot owners.

Not all strata policies are created equal. Some insurers offer a “broadform” accidental damage based cover while limit their scope to an “insured events” type cover.

There are many optional extras that can be insured under a strata policy. Some examples include Office Bearers’ Liability, Machinery Breakdown and Voluntary Workers.

It is advisable to discuss your needs with us so we can help you determine the type and extent of cover needed.

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