If you are an owner of a townhouse, unit, apartment or strata business, and you share common space with others, Strata Insurance is worth considering. It covers damage and items to shared parts of the building. Strata Insurance protects the building’s common areas or facilities with the premiums paid for by the owners’ corporations.
Who needs it?
Residential strata insurance is compulsory in every state. Strata groups can include townhouses, units, flats, apartments or duplexes. Business owners who work in a strata building should also consider Strata Insurance.
Cover is usually managed by an appointed strata manager, and in some instances an insurance broker can take care of it on behalf of the owners’ corporation.
What does it cover?
Strata Insurance can cover the building and all of the common or shared property and contents which belong to the owners’ corporation. The type of cover and associated costs will depend on the type of building, its location and the percentage of common property that is shared. For example it might include:
- Car parks
- Common areas
- Swimming pool
- Shared contents – clothes lines, lawn mowers, pool equipment
What is excluded?
As with any policy there are exclusions. There is also often a deductible or excess and limits on cover so check with us to further investigate these on your behalf.