Strata Insurance

Strata insurance is a specialised insurance policy that covers the building and common property of a strata or community title property. It typically protects against risks such as fire, storm damage, and theft, while also covering liability for accidents that occur in shared areas. It ensures that both property owners and residents are protected from financial loss.

While strata insurance can offer comprehensive protection, there are some exclusions or things that are generally not covered by these policies. These may include: It’s important to review the policy to understand what’s covered and what’s not, as different insurers may offer varying coverage options.

Strata insurance typically does not cover loss of rent, unless specifically included in the policy. However, some insurers may offer additional cover options for loss of rent due to property damage that makes the building uninhabitable. We can discuss this with you as needed.

Strata insurance generally does not cover tenants’ personal belongings or liabilities. Tenants should have their own contents insurance to protect their possessions and liability while living in the property. Strata insurance can, however, cover liability for accidents in common areas that could affect tenants, such as slips or falls in hallways or shared facilities.

The excess on a strata insurance claim is typically paid by the owners’ corporation or strata scheme using funds collected through strata levies and not by individual owners. This is because strata insurance covers shared property and common areas. The only time when this may not apply is if a claim is caused by negligence or damage from an individual property owner. In these circumstances, they may be required to cover the excess.

The cost of strata insurance depends on several factors, including the size and type of the property, location, the level of coverage required, the insurer’s policies and more. Due to this, premiums for strata insurance can vary quite a bit, so it’s important to compare different providers to ensure you get appropriate coverage with your policy. Utilising a broker specialising in strata insurance, such as Insuregroup, can simplify this process and support you in identifying a competitively priced option suited to your strata property.

Yes, strata insurance is a legal requirement in Australia for all strata schemes. Under state and territory legislation, the owners’ corporation must maintain insurance for the building and common property. This ensures that the property is protected against risks like fire, storm damage, and other unexpected events.

We aim to deliver quotes in the quickest possible time. However we need to wait for insurance companies to review our submissions and provide feedback. More detailed submissions generally results in a more accurate insurance policy premium.

We will issue you with a certificate of insurance promptly following the finalisation of your payment. These can be issued in electronic form, so as to ensure the fastest possible turnaround.

The insurers we are recommending are licensed by APRA and ASIC and regulated accordingly. We only deal with licensed and regulated insurers in Australia. These insurers are subject to rigours testing to ensure they meet minimum standards.

At Insuregroup, we have no affiliations with any insurers, so you’re guaranteed that we act solely in your best interests. We are also licensed and regulated by Steadfast insurance so you can ensure checks and balances are in place, providing protection from loss or damage and safeguarding your interests.

Yes monthly premiums are available on all strata insurance if you prefer to pay in this manner. View our latest guides on insurance, regulatory considerations and managing risk.

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