What is it?
Every owners’ corporation (also known as the body corporate) is obliged to take out Strata Insurance to cover the building, common property and common area contents of a strata scheme. Insurance is available for both residential strata and commercial strata properties.
What does it cover?
Strata Insurance generally provides cover for natural disasters, as well as fire, theft, flood, storm and water damage to common areas. Common areas can include floors, walls and ceilings, balconies, gardens, lifts, car parks, pools, spas and tennis courts. Every policy and State is different, so it’s important to be aware of the specific insurance cover requirements of your strata agreement.
Strata Insurance also gives you the option to include Public Liability, providing cover against third party damage or injuries that may occur on your premises.
