residential strata insurance
What is Residential Strata Insurance?
Residential strata insurance is coverage designed to protect residential properties including apartments, units, and townhouses. This essential insurance covers the building structure and common areas that are shared by all residents in a strata scheme.
WHO CAN ARRANGE RESIDENTIAL STRATA INSURANCE?
- Individual Lot Owners & Owners Committee Members: For self-managed schemes you can apply for residential strata insurance directly with us as long as you are authorised by your strata community.
If your building’s insurance arrangements are handled by a Strata Manager or Insurance Broker you should consider reaching out to them so they can review your building insurance needs.
- Strata Managers or Insurance Brokers: If you are a professional service provider, learn more about how to obtain quotes and partner with us.
Key components of residential strata insurance can include:
Common Property Coverage:
Protection for the physical structure, common areas, and shared facilities such as lobbies, lifts, pools, and gardens
Public Liability Protection:
Coverage for the body corporate or owners corporation’s legal liability to others for accidental injury or property damage
Contents in Common Areas:
Protection for shared property like furniture in common rooms, and maintenance equipment
Loss of Rent and Temporary Accommodation
Strata insurance operates differently from individual home insurance because it covers the collective interests of all lot owners within a strata scheme. The strata committee, owners committee, or body corporate arranges this insurance on behalf of all residents.
Why Do You Need Residential Strata Insurance?
Legal Requirements
Residential 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, including:
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
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 living involves shared ownership of common property, which creates collective risks that individual lot owners cannot manage alone. Residential strata insurance ensures that the owners committee or body corporate can effectively protect everyone’s investment and manage liability exposures across the entire scheme.
Coverage for your state or Territory
To see what’s covered under residential strata insurance in your state or territory and understand your specific legal obligations, visit our dedicated state pages:
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.