Strata insurance defined
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 contents of a strata scheme. Insurance is available for both residential strata and commercial strata properties. It is mandatory to hold strata insurance which conforms to each state’s relevant legislation in Australia.
What does strata insurance typically cover?
Strata insurance typically covers common or shared property including common area contents in the event of loss or damage. Generally, events like theft of common area contents, repairs to damaged property managed by the owners corporation and the cost of recovery if disaster strikes are also included in strata insurance. It is also compulsory for strata insurance in all parts of Australia to provide liability cover in the event that people are injured on common property.
Not sure about the type of cover you need?
CHU is an Australian strata insurance specialist and can assist you with arranging residential or commercial strata insurance cover that’s right for your property. We have offices in Sydney, Melbourne, Brisbane, Adelaide and Perth, and offer tailored guidance on our products and the cover that is suitable for you and your property.
If you are managing mixed-use strata, see commercial strata.