Strata Insurance provides cover for residential strata titled properties, covering buildings, common areas and contents.
A broad policy that can provide cover for multiple properties within one building complex or block of land (e.g. duplex, townhouse, terrace, units, flats), strata insurance is designed for residential strata, community title properties, body corporates, owners corporations and strata managers.
Features of a strata insurance policy can include cover for:
- Building and common area contents
- Incidents such as flood, storms, fire and theft
- Temporary accommodation, rent and storage if your property is unfit to be occupied for its intended purpose
- Loss of rent following an insured incident
- Emergency repairs
- Legal liability cover in the event of personal injury or property damage in connection with the insured property
- Compensation payable in the event a voluntary worker sustains injury (applicable to a Community Association Insurance Plan).
Residential Strata Insurance is a legal requirement for strata title properties across Australia. Each state and territory have different legislative requirements and must provide:
- Cover for common areas as defined on the property’s title including common areas such as lawns, driveways, lifts and pools from events such as theft, storm, water, fire and malicious or accidental damage.
- Liability cover in the event of personal injury in connection with the insured property.
Contact us for more information and to discuss your strata insurance needs.
