Strata Insurance (Residential and Commercial)
You can’t insure your own unit in a multi-storey building, so Strata Insurance was designed to provide the individual unit holders of the building with cover for property damage, no matter the size or location of the building. We cover you for damages to the building, its contents, loss of rent and various owners’ liabilities that you have.
What is Strata Insurance?
Strata Insurance is a specialised insurance product created to insure common property. Strata Insurance Policies are also designed to help the strata committee ensure that the insurance is compliant with the relevant state Strata Legislation.
Residential Strata Insurance or Commercial Strata Insurance generally covers common property as defined within the title. For example, walls, balconies, windows, roofs, floors, pools, driveways etc. The premium is typically shared between each owner and generally is incorporated into their body corporate fees.