Strata Insurance Explained Simply
What is Strata Insurance?
Strata Insurance is designed to protect properties that are collectively owned under a strata title. This includes buildings divided into units, apartments, or townhouses where multiple owners share responsibility for common property such as walls, roofs, stairwells, foyers, lifts, and driveways.
What Does Strata Insurance Cover?
Some of the important things covered by Strata Insurance:
Building Structure
The walls, roof, foundations, and external structure of your building
Common Areas
Lobbies, hallways, gardens, pools, gyms, and other shared spaces
Shared Facilities
Lifts, security systems, fire safety equipment, and building services
Public Liability
Legal protection if someone is injured in common areas
See what’s covered in your state by visiting our Get Insurance page.
Why Strata Insurance Matters?
Living or investing in a strata property means you share ownership of parts of the building with others. Without Strata Insurance, unexpected events like fire, storm damage, or a liability claim could result in significant financial stress for all owners.
Strata Insurance:
- Provides optional coverage protecting against common exposures unique to strata owners, such as office bearers liability and government audit costs and legal expenses.
- Protects the building and shared spaces.
- Supports compliance with legal requirements to maintain mandatory insurance.
Who can arrange Strata Insurance?
Strata insurance may be arranged by your:
- Broker
- Owners Committee
- Strata Manager
Some Important Things to Consider
- Check your coverage
Refer to a copy of your current strata insurance policy so you
understand what’s covered. - You may still need personal insurance
Strata insurance doesn’t cover things like your personal
property or belongings. Each individual owner may need to
consider their own additional insurance needs. - All owners should share insurance costs
The cost of strata insurance is generally split between all
owners. - Every building is different
Your coverage requirements will depend on the specific needs
of your building type and risk profile.
