Strata Insurance Checklist for Strata Committees
Living or investing in a strata community comes with shared responsibilities, and insurance is one of the most critical aspects to get right. This comprehensive checklist will guide you through key things you need to know about strata insurance – from understanding your responsibilities to gathering the right documentation. At Strata Community Insurance we believe in providing choice and flexibility to meet your strata community’s unique needs. When you’re exploring your options, comparing policies, or ready to make a decision, we’re here to support you every step of the way – no matter what path brings you to us. If you’re a strata committee member, lot owner, or strata manager, this guide will help you navigate the complex world of strata insurance with confidence and ensure your community is protected.
Who can apply for Strata Insurance?
Individual Lot Owners & Owners Committee Members
For self-managed schemes, as an individual lot owner or member of the owners committee you can apply for strata insurance as long as you are authorised by your strata community.
Alternatively, you can work with your owners committee to decide whether to handle insurance directly or delegate to professionals.
When you use Strata Managers or Insurance Brokers
If your community prefers professional service providers, consider these requirements:
- Clear guidance: Specify expectations including scope and timing of advice, navigating the insurance process, and provider’s financial strength assessment.
- Cost transparency: Insist on clear disclosure of all insurance related costs including base premium, commissions and fees, taxes, levies and duties.
- Insurance policy recommendations: Ensure they provide policy comparisons, reasons for recommendations, and disclosure of any coverage gaps.
Information you may be asked for
When requesting an insurance quote, having the right details ready will streamline the process and help us understand your risk and coverage needs.
Essential information
Residential Strata Insurance
- Strata plan & insured property details
- Certificate of Currency (if currently insured)
- Claims history
- Replacement valuation (if existing)
- Cost of build from builder (if new)
Commercial Strata Insurance
- Strata plan & insured property details
- Certificate of Currency (if currently insured)
- Claims history
- Replacement valuation (if existing)
- Cost of build from builder (if new)
- Registered strata/community plans
- List of commercial tenants occupying the building
Community Association
- Plan details & insured property details
- Certificate of Currency (if currently insured)
- Claims history
- Details of any ongoing construction
- Replacement valuation (if existing)
- Registered strata/community plans and by-laws
Supporting information we may request
- Details of strata manager or insurance broker, if applicable
- Development approvals, construction documents, permits and warranties
- Maintenance contracts and service records (especially for HVAC, lifts, fire safety)
- Fire engineering or safety reports (if applicable)
- Reserve fund or financial estimates demonstrating capacity to fund repairs or rebuilds
Additional covers to consider
Office Bearers Liability
Covers the legal liability of strata committee members for wrongful acts they commit. If you volunteer on your owners committee, you should consider this cover as essential.
Machinery Breakdown
If you have electrical or mechanical equipment such as lifts, or automated gates, consider machinery breakdown cover.
Workers’ Compensation
If anyone performs work on behalf of your strata committee or on common property, you may need Workers’ Compensation coverage.
Other important considerations
Property details
Understand your property in detail including any cladding, defects, and amenities such as pools, playgrounds or gyms, to avoid coverage issues.
Policy excesses
Please tell us about any excesses you have with your current insurer.
Maintenance and damage prevention
Tell us if you have a regular replacement program for items such as flexi hoses, hot water tanks, waterproofing, roofing, downpipes, and gutters.
Additional Insurance Cover
You may need additional personal insurance to cover carpets, curtains, fixtures, fittings, furniture, appliances, personal items, and rental income. Such covers are the responsibility of individual lot owners and not the strata community.