Essential Insurance Requirements for Bodies Corporate: What You Need to Know

Insurance regulations for strata-titled buildings vary across Australian states and territories. However, every strata-titled building in Australia is legally required to have a certain minimum level of insurance coverage. 

Strata Community Insurance has eleven sections of cover to keep your strata community well protected. This table identifies which sections of cover in Strata Community Insurance policies include mandatory covers. 

Y = Mandatory Cover^ OPT = Optional Cover

The founders of Strata Community Insurance have more than five decades of strata insurance experience across six different countries. We have some of the leading strata insurance experts in this country working for us to ensure our products provide comprehensive financial protection over your insurable assets and liabilities. We use this strength of experience to reduce your financial exposure and often extend your protection beyond the minimum legislative requirements.

^Policy Sections including mandatory cover may also contain automatic inclusions and Optional Covers that go beyond minimum legislative requirements and may allow insureds to opt-in or opt-out for certain covers.

+Optional – but should be considered essential for volunteers on a committee.

*Workers Compensation is required in all jurisdictions where ‘workers’ are ‘employed’ by the body corporate. The definition of ‘workers’ and ‘employed’ may vary between jurisdictions. 
**Although precise terminology differs between jurisdictions, essentially property cover must include the cost necessary to replace, repair or rebuild the property to a condition substantially the same as, but not better or more extensive than, its condition when new. The level of cover must take into consideration the payment of expenses necessarily and reasonably incurred in the removal of debris and the remuneration of architects and other professional services required, being incidental to the replacement, repair or rebuilding of the damaged property.
***The minimum level of liability cover required varies across jurisdictions, as follows:

This page’s content was last updated on 23 September 2024.