In the event of loss or damage to your strata building or its shared contents, you don't want to bear the financial burden of repairs alone.
Strata Title Insurance (also known as body corporate insurance) offers protection for residential properties governed by strata title legislation or managed by a body corporate entity.
This insurance typically covers damage to the building itself as well as common or shared areas, such as pathways, walls, fences, lifts, and car parks.
Do I need Strata Title Insurance?
You should consider getting Strata Title Insurance if:
- You own a property within an apartment block
- You own a townhouse, villa, duplex, factory, warehouse or storage unit
- You own a retail shop or office
What does this Insurance cover?
Usually managed by an owner’s corporation or body corporate, Strata Title Insurance generally covers you for:
- Buildings, including common contents and common property such as lifts, pools, car parks, gardens, wiring, balconies, walls, ceilings etc.
- Liability (ranges from $5million to $20million) in the event that people are injured on common property
- Fidelity Guarantee
- Officer Bearers’ Liability
- Personal Accident
- Workers Compensation in ACT, WA, TAS and NT
Note: Body corporate is made up of the registered owners of the building (such as the individual apartment owners).
Important Tips
While Strata Insurance generally covers common areas and shared contents, it's important to also secure your own contents insurance for personal belongings and any areas not covered by the Strata Insurance. Be sure to discuss with your broker what is and isn't included in your policy.
Each state and territory has its own legislative requirements regarding Strata Title Insurance. Consult with your strata title insurance broker to understand the regulations specific to your area.
Typically, your body corporate will arrange Strata Title Insurance on your behalf, but it's essential to familiarise yourself with your specific coverage and requirements.
General Advice Warning
The information provided on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice on this website is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making a decision based on this advice you should consider whether it is appropriate to your particular circumstances.
Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a disclosure document, including the Product Disclosure Statement (PDS) and, where available, Target Market Determination (TMD) relating to the product and consider the content before making any decision about whether to acquire the product.
Authorised by Clearlake Insurance Brokers ABN 16 651 113 861 AFSL 559829
How Clearlake Insurance can help
At Clearlake Insurance Brokers, we bring extensive experience in managing the needs of strata managers and owners' corporations. Our expert brokers have served thousands of clients within the strata sector, providing insurance solutions to some of Australia's largest property and development companies.
We have a dedicated strata insurance team that delivers comprehensive reports, quotes, and recommendations from specialist strata insurance brokers. The result is a 'win-win' for strata managers and their respective owners' corporations.
For more information or to arrange cover, please contact us on 02 9037 8970 or simply fill out the form below and one of our insurance brokers will get in touch shortly.
