What is Strata Insurance?
If you own a townhouse, unit, or apartment and you’re sharing common space with others, you don’t want to be left to foot the bill if there’s damage to shared parts of the building or items.
Strata Insurance can protect the building and common areas or facilities, with the premiums paid for by the owners’ corporation.
Who should consider it?
Strata Insurance is compulsory in every state – so if you’re part of an owners’ corporation in a townhouse, unit, flat, apartment or duplex, the owner’s coporation will require strata insurance.
The cover can be managed by an appointed strata manager, or an insurance broker can take care of it on behalf of the owners’ corporation.
What can it cover?
Strata insurance can cover the building and all common or shared property, and contents which belong to the owners’ corporation. The type of cover and its cost will depend on the kind of building, where it’s located and the amount of common property you share.
It may include:
- Car parks
- Ceilings
- Common areas
- Floors
- Lifts
- Shared contents, such as lawnmowers and washing machines
- Swimming pool
What usually isn’t covered?
There are exclusions. There is also often a deductible or excess and limits on cover.
