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Personal Insurance

Strata Insurance

Strata Insurance

Take the hassle out of shared space – and shared costs

If you own a townhouse, unit, apartment or strata business and you’re sharing common space with others, you don’t want to be left to foot the bill if there’s damage to shared parts of the building or items. So, it’s important to help protect your property – and your back pocket – with the right strata insurance. Strata insurance can protect the building’s common areas or facilities, with the premiums paid for by the owners’ corporations.

What do you need to know?

  • Who should consider it?

    Residential strata insurance is compulsory in every state – so if you’re part of an owners’ corporation in a townhouse, unit, flat, apartment or duplex, the owner’s corporation will need strata insurance. Business owners who work in a strata building should also consider strata insurance.

    The cover can be managed by an appointed strata manager, or an insurance broker can take care of it on behalf of the owners’ corporation.

  • What can it cover?

    Strata insurance can cover the building and all common or shared property, and contents which belong to the owners’ corporation. The type of cover and its cost will depend on the kind of building, where it’s located and the amount of common property you share.

    It may include:

    • Car parks
    • Ceilings
    • Common areas
    • Floors
    • Lifts
    • Shared contents, such as lawnmowers and washing machines
    • Swimming pool

  • What isn’t covered?

    There are exclusions. There is also often a deductible or excess and limits on cover, so check with your Steadfast insurance broker.

  • Product Disclosure Statement

    A Product Disclosure Statement (PDS) is available for strata insurance and can be obtained from a Steadfast insurance broker.

    You should consider the PDS in deciding whether to acquire, or continue to hold, strata insurance.

Find a Steadfast Broker

Get the right advice at the right price and have a local Steadfast broker on your team.

Case Study

Protect your shared space and facilities

Don’t be out of pocket when the unexpected happens

Ken owned a studio apartment on the fifth floor of an inner-city apartment block. One day the lift broke down because a fire occurred in the fuse box.

Fortunately, Ken and the other members of the strata committee had taken out strata insurance, which was managed by an insurance broker. A qualified team of lift mechanics determined that the controller equipment and lift motor were worn out and needed to be modernised to stop the lift from continually breaking down.

The repairs were carried out and the cost was completely covered by their policy, which meant that none of the strata members were out of pocket as a result.