Residential Strata Insurance

Residential strata insurance (known as body corporate cover in some states) is general insurance that covers common property under the management of a strata title or body corporate entity. Owners of strata titles typically share the premium costs of strata insurance as part of their strata fees and liabilities. Holding strata insurance is mandatory under each state’s relevant strata legislation.

What does strata insurance cover?
Strata insurance generally covers common or shared property as defined on the title of the property. This might include common areas, lifts, pools, car parks, gardens, wiring, balconies, walls, windows, ceilings and floors. Strata insurance must provide liability cover in the event people are injured on common property. You should check what is covered under your strata policy.

What does strata insurance typically NOT cover?
Strata insurance is like any other form of insurance, in that there are restrictions to the policy expressed as exclusions. Each insurer has different exclusions and policy terms and conditions. Make sure you understand what is excluded from the policy your body corporate or strata manager has purchased. Exclusions can be for certain risks, such as landslip or flood, or for certain property features such as fencing. Remember, strata policies do not cover your contents and personal items.

Is this the only cover I need as a resident?
No. You should make sure you have appropriate contents cover for your belongings and for those things strata insurance does not protect. Strata insurance covers only common or shared property. This may include some of the fixed parts of your unit, but will not cover everything. It is important you read the policy purchased by your manager or body corporate to understand what is and is not covered in your unit.

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