Strata Community Insurance

Strata insurance can offer peace-of-mind in the unfortunate event that an insured needs to make a claim. Of course, having the right cover in place is the first requirement. The claims process should be timely, efficient and fair. However, it is not simply a matter of making a phone call and expecting to receive a … Read more

Insurance can be complex. Your Strata Manager is here to help. With our localised knowledge of specific strata communities, strata managers regularly provide quotes, lodge and administer claims, and maintain record keeping. We’re here to help manage your insurance needs. As a member of the owners corporation, body corporate, strata corporation or strata company, owners … Read more

Identifying, Reporting & Managing Cladding Risks Strata Community Insurance is committed to providing our customers with market-leading products and practical solutions that assist in managing the complex risks and exposures facing our industry. The following is a tool to support owners, strata managers and insurance brokers with the identification, reporting and risk management of buildings … Read more

Let’s consider the following items in relation to Strata Building insurance: Underinsurance; Owners’ legislative obligations; Important considerations when appointing a valuer; Key timelines in the calculation of a Sum Insured. Underinsurance Despite the fact legislation requires the Corporation, Owners Corporation, Plan or Company (“Body Corporate”) to insure the building for rebuilding and/or replacement value, it … Read more

The most important things are: 1 Ensure the site is safe. 2 Remove all the water. 3 Mitigate the chance of mould. 4 Repair the Building. 1. Ensure the site is safe Electrical – If any water has gone over electrical boxes, power outlets, or any other switches, you will need an electrician. In most … Read more

What is a body corporate? A body corporate is a not for profit, unlimited liability legal entity. That means it is financially responsible (on behalf of all lot owners), for all the assets such as the building and the land, and all liabilities it may have. Owners need to be aware that there is no … Read more

What is a strata company? A strata company is a not for profit, unlimited liability legal entity. That means it is financially responsible (on behalf of all lot owners), for all the assets such as the building and the land, and all it liabilities it may have. Owners need to be aware that there is … Read more

Q1: What damage does insurance cover and what does the body corporate need to fund? A: Owners become members of an body corporate when they buy into a Strata or Community title scheme. Owners have a share in both the assets and liabilities of the entity and a legal responsibility for maintenance, repair and overall … Read more

Protection for your strata property. And you. Your strata property may well be your most valuable asset. However, you also share in its liabilities and are legally bound to repair, maintain and manage its common property. So while your building needs protection – so do you. That’s where the market-leading cover and knowledge from Australia’s … Read more