Residential Strata Insurance
Strata insurance is insurance that the owners corporation (also known as the body corporate) is obliged to take out to cover the building, common property and common area contents of a strata scheme.
It is mandatory for strata title properties to hold residential strata insurance across Australia.
While each state and territory has different legislative requirements, it’s designed to cover common areas as defined on the property’s title including common property such as lawns, driveways, lifts and pools from events such as theft, storm, water, fire and malicious or accidental damage.
Strata insurance must also provide liability cover in the event of personal injury in connection with the insured property.
Strata insurance typically covers common area contents, the building and shared property in the event of loss or damage. Generally, events like theft of common area contents, repairs to damaged property managed by the owner’s corporation and the cost of recovery if disaster strikes are also included in strata insurance.