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