What Is Strata Insurance?
Strata Insurance, also known as Body Corporate Insurance, is a type of insurance policy designed for properties with shared spaces, such as apartment buildings, townhouses, and commercial complexes in Australia. It covers the building’s common areas or shared property under the management of a strata title or body corporate entity. This includes gardens, pools, car parks, and lifts. This insurance is mandatory in all Australian states and territories, ensuring that all unit owners are collectively protected against potential risks associated with property ownership and shared spaces.
Who Should Consider It?
Strata Insurance is compulsory in every state – so if you are a lot owner in a townhouse, unit, flat, apartment or duplex, the owner’s corporation will need strata insurance.
AIB can arrange Strata Insurance on behalf of the owners’ corporation.
What Does Strata Insurance Cover?
Strata Insurance typically covers damage to the building and common contents which belong to the owners’ corporation from insured events like fire, theft, and natural disasters. It also provides liability coverage for injuries or accidents that occur in common areas. 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.
Compulsory covers
- Building and common contents: Building and common content including equipment, furniture, carpets etc in any common area for which the owners’ corporation is responsible. This can include cover for loss of rent or alternative accommodation due to an insured peril.
- Public Liability: If people are injured on common property.
Optional strata covers
- Personal accident for voluntary workers: Compensation to any person injured while carrying out voluntary works on behalf of the owners’ corporation.
- Office bearers liability: Office bearer’s liability For office bearers if a claim arising from wrongful acts by the office bearers.
- Fidelity guarantee: Loss arising from misappropriation of funds belonging to the owners’ corporation.
- Mechanical and electrical breakdown: Physical damage to machinery or electrical items caused by breakdown.
- Loss of Rent and Temporary Accommodation: Provides financial support if your property becomes uninhabitable due to an insured event, helping cover lost income and the cost of alternative accommodations.
Tailored Solutions for Every Strata Scheme
We recognise that every strata scheme is different, with unique requirements and challenges. Our team of experienced insurance professionals works closely with you to understand your specific needs, offering tailored advice and solutions that ensure your property and its residents are fully protected.
Strata Insurance Case Study
Ken owned a studio apartment on the fifth floor of an inner-city apartment block. One day the lift broke down because a fire occurred in the fuse box.
Fortunately, Ken and the other members of the strata committee had taken out strata insurance, which was managed by an insurance broker.
The repairs were carried out and the cost was covered by their policy, which meant that none of the strata members were out of pocket as a result.
Steadfast Video:
Get a Quote Today
Ready to protect your strata property with a trusted partner? Contact AIB Insurance Brokers today for a personalised quote. Let us help you secure the comprehensive protection your property deserves.
Why Choose AIB for Your Strata Insurance?
- Expertise: Leverage our extensive experience in Strata Insurance to get coverage that’s just right for your property.
- Tailored Coverage: Enjoy peace of mind with policies designed to meet the specific needs of strata property owners.
- Competitive Pricing: Benefit from our strong relationships with insurers to get the best possible coverage at competitive rates.
Exceptional Service: Count on our dedicated team for expert advice and support, whenever you need it.
