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 protects 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 coporationwill need strata insurance.
An insurance broker can arrange strata insurance on behalf of the owners’ corporation.
What can it cover?
- Builing and Common Contents
- Public Liability
- Personal Accident for Voluntary Workers
- Office Bearers Liability
- Fidelity Guarantee
- Mechanical and Electrical Breakdown
What usually isn’t covered?
Exclusions, the excess you need to pay and the limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:
- Asbestos or Asbestos Derivatives
- Erosion or Earth Movement
- Certain property features such as fencing
- Contents within apartments