Commercial Strata Insurance
What is Commercial Strata Insurance?
Commercial Strata Insurance is designed for strata properties that include commercial tenancies such as shops, restaurants, cafes, or offices, where the commercial floor space ratio for the scheme is 20% or greater. This could also include mixed-use schemes with residential units.
Commercial Strata Insurance vs Residential Strata Insurance?
The key difference between Commercial Strata Insurance and Residential Strata Insurance policies lies in the potentially more complex risk profile of commercial and mixed-use buildings. Some commercial occupancies may introduce additional and more complex hazards and exposures that demand tailored coverage.
Why Do You Need Commercial Strata Insurance?
Legal Requirements
Commercial strata schemes are required by law to protect their common property. Property owners in strata schemes must comply with mandatory insurance obligations set out in state-specific legislation:
Northern Territory: Unit Titles Schemes Act 2009
New South Wales: Strata Schemes Management Act 2015
Victoria: Owners Corporations Act 2006
Queensland: Body Corporate and Community Management Act 1997
South Australia: Strata Titles Act 1988
Western Australia: Strata Titles Act 1985
Australian Capital Territory: Unit Titles (Management) Act 2011
Tasmania: Strata Titles Act 1998
Financial Protection
Without adequate strata insurance, individual lot owners could face significant financial exposure for things like:
- Major building reinstatement following fire, storm damage, or other covered events
- Legal liability claims for injuries occurring in common areas
- Replacement of damaged common property and shared facilities
- Temporary accommodation expenses if the building becomes uninhabitable
Shared Risk Management
Strata properties with multiple commercial occupants may introduce varied and collective risks that often present multiple types of occupancy and exposure. Commercial strata insurance ensures that the owners committee or body corporate can effectively protect everyone’s investment and manage liability exposures across the entire scheme.
To help us provide an accurate quote, please have the following documents ready:
Certificate of Currency (if currently insured)
Claims history from the past 5 years
Current replacement valuation report
Build cost documentation (for new constructions)
Registered strata/community title plans
List of commercial tenants and their business types
Why Choose Strata Community Insurance?
Whether you self-manage your property, are a strata manager or a broker, we provide strata communities with the choice to place their insurance and tailor coverage to their specific needs, building types, and risk profiles.
With 100% of our resources dedicated specifically to the strata community, our team understands local obligations and explains them in a way you can understand.
Being privately owned, and with presence in all major capital cities, we have a complete focus on Australian strata communities so you can be confident our products and services are built to work for your needs.
Claims time is when insurance proves its worth. Our quick and easy online claim lodgement gives you access 24/7. If you have a more complex situation, our Australian based claims team handles everything locally.
Partnering with Allianz Australia Insurance Limited, part of the Allianz Group, means you have the confidence of being backed by one of the world’s largest insurers.
With passion and support that extends beyond just providing insurance products, we actively advocate for industry and regulatory changes that improve outcomes for the broader strata community.