Residential Strata & Body Corporate Insurance

Strata insurance, also known as body corporate coverage, is mandatory insurance that needs to be contracted by the owners’ corporation or body corporate. The policy includes protection for multiple residential buildings situated on a parcel of land and covers:

  • buildings
  • common property, like stairways, lifts, driveways, lawns, and pools
  • common area contents

In simpler words, residential strata insurance provides protection for buildings with shared property, such as apartments or townhouses, and is paid by body corporate members. The insurance policy protects against various risks, such as:

  • loss of lot market value
  • lost rent
  • malicious damages
  • unintentional damages
  • terrorism
  • break-ins
  • theft of common area contents
  • natural disasters, such as storm, fire, flood
  • injuries on common property

Residential Strata & Body Corporate Insurance

Strata insurance, also known as body corporate coverage, is mandatory insurance that needs to be contracted by the owners’ corporation or body corporate. The policy includes protection for multiple residential buildings situated on a parcel of land and covers:

  • buildings
  • common property, like stairways, lifts, driveways, lawns, and pools
  • common area contents

In simpler words, residential strata insurance provides protection for buildings with shared property, such as apartments or townhouses, and is paid by body corporate members. The insurance policy protects against various risks, such as:

  • loss of lot market value
  • lost rent
  • malicious damages
  • unintentional damages
  • terrorism
  • break-ins
  • theft of common area contents
  • natural disasters, such as storm, fire, flood
  • injuries on common property

The Right Strata Title Insurance Company For You

Due to its importance, strata insurance is mandatory in most states of Australia. However, the legislative provisions might differ from state to state, thus it’s necessary to carefully study the applicable regulations and get your coverage accordingly. Or you could simply call one of our insurance brokers and they will be able to indicate the right strata insurance for your building complex.

Body corporate insurance is usually managed by a strata manager, unit owner, or property manager. They are the ones responsible for contracting the right body corporate insurance, managing the policy, and covering the costs on behalf of all owners. As expected, each state has its own strata insurance regulations. Some properties may already be insured as part of a group scheme which cancels the need to contract different strata insurance.

As you can see, when it comes to this type of policy, the right thing to do is to check the law and local regulations. Or, better yet, you can get in touch with one of the insurance experts and they will tell if you need strata insurance and which one is the most affordable and advantageous for you!

Ring our Strata Insurers For A Comparison Quote

Our insurance broker knows everything there is to know about strata insurance in your state. They know the legal provisions regarding this type of insurance, as well as the offers of the best insurance companies in your area.

Call one of our insurance brokers today and they will be able to provide comprehensive and personalized insurance. Our experts will explain everything there is to know about strata insurance and focus on the importance of prompt reimbursement/restoration following a loss, risk transfer to bodies corporate and their members, as well as of risk mitigation through the insurance process and for Strata Managers.

Get in touch with our brokers and get your quote today! Make the best choice for you following a thorough comparison of the recommended strata insurances for your property.

Insurances For Strata Unit Owners & Apartment Buildings

If you own a unit in a building complex, it’s very likely you don’t need to worry about residential strata insurance because the complex is already managed by a body corporate or some other sort of body. Your real estate agent can tell you if the unit you bought is under the administration of a body corporate and if it has strata coverage.

However, things change if you’re the owner of the property. In this case, your property has no body corporate to manage it, and as such, it also doesn’t have a residential strata insurance. For example, if you’re the owner of one of two properties that share a driveway. In this case, it’s more than recommended to discuss the matter of strata coverage with the other owner and set up your own appropriate body.

Since it’s very possible you don’t have any legal experience or knowledge about strata insurance and what it should cover, it’s advisable to get in touch with an insurance expert to see what type of insurance you should contract. The insurance usually covers natural events, like fires and storms, break-ins, theft, as well as costs for lost rent.

Moreover, well-chosen insurance policy will also cover the cost for temporary accommodation for unit owners, removal and storage of contents due to property damage, and legal liability. A premium strata policy also adds the costs for shared contents like laundry and gym equipment. The best strata insurance for you depends on your needs and insurer! Let us find the best insurance company for you!

Body Corp & Owners Corporation Insurance Experts

We work only with licensed and professional insurers and make sure our best experts are dealing with the selection of insurance. Our people will listen to everything you have to say and will take into consideration every little detail related to your property.

Moreover, our owners’ corporation insurance brokers will handle the claims and facilitate your claims process every step of the way. They will direct your choice towards strata insurance that covers your property, common areas, as well as the office bearer’s liability. The latter is vital for office bearers or committee members if a claim is made against them following a wrongful act because it offers full financial protection.

Choose what’s best for you and your property! Choose to work with one of our insurance experts!

Body Corp & Owners Corporation Insurance Experts

We work only with licensed and professional insurers and make sure our best experts are dealing with the selection of insurance. Our people will listen to everything you have to say and will take into consideration every little detail related to your property.

Moreover, our owners’ corporation insurance brokers will handle the claims and facilitate your claims process every step of the way. They will direct your choice towards strata insurance that covers your property, common areas, as well as the office bearer’s liability. The latter is vital for office bearers or committee members if a claim is made against them following a wrongful act because it offers full financial protection.

Choose what’s best for you and your property! Choose to work with one of our insurance experts!

Common Property & Duplex Strata Insurance

The coverage of the property’s common areas is an important part of strata insurance. Common property means anything from lawns, driveways, and garages to lifts, stairways, and pools. Body corporate and owners corporation take on strata insurance to protect the common areas of a complex from the consequences of events like flood, storm, earthquake, theft, and burglary, damage by an animal, riots, explosions, escape of liquid, lightning, and even personal injury related to the insured property.

Common property strata insurance may include coverage for:

  • replacing or repairing a total loss of the building
  • demolition, debris removal, and temporary repairs
  • accidental damage to landscaping on common property
  • common contents stolen from open-air areas secured by gates, walls or fence
  • emergency measures necessary to secure the common contents
  • removal and storage of common contents while the building is uninhabitable

It all depends on the insurer you choose to hire for your strata insurance! The extent of a policy varies from insurer to insurer and that is why it’s easier and smarter to work with an insurance broker.