Strata insurance is designed to protect you and your property as a lot owner. This insurance generally covers the buildings, common property/contents and Public liability. Not only does strata insurance cover you for specific Perils and accidental damage.  Residential Strata packages can include all or some of the following.

Building Replacement & Reinstatement
Provides cover for the buildings, fencing, fixtures, fittings and any other improvements of a structural nature in Common Property areas.

Public Liability
Covers the legal liability of the Body Corporate. This does not include cover for liability of the unit owner, except where liability relates to the Insured property or common contents.

Personal Accident for Voluntary Workers
Provides compensation to any person who voluntarily works on behalf of the Body Corporate.

Fidelity Guarantee
Protects the Body Corporate against fraudulent embezzlement or fraudulent misappropriation of their funds and tangible assets.

Office Bearers
Committee members can be personally responsible for decisions they make on behalf of the Body Corporate. Office Bearers Liability protects committee members when liability has arisen from an alleged or wrongful act, omission or breach of duty.

Catastrophe
Provides an additional sum following a large loss (such as an earthquake, bushfire, tsunami or cyclone) when a state of emergency is declared. Some insurers provide an automatic increase (e.g. 15% of building sum insured), while others will charge a premium to increase by a selected percentage (e.g. 15% – 30%).

Handy Hints

  • Contents cover for personal items is not included. Ensure you find appropriate cover for your belongings and other items that the strata insurance excludes.
  • Your kitchen benches, carpets and internal fixtures and fittings are NOT included in the strata policy.
  • The building, common property and common contents can include: Common areas (car parks, gardens, swimming pools, lifts etc.), Wiring, Plumbing and Fixed parts of your unit (ceilings, floors, walls, windows, ducted air conditioning etc.)
  • Different states have different regulations when it comes to strata insurance.