Strata and body corporate insurance
Owners corporations and bodies corporate are generally required by state legislation to insure the building and common property. Strata insurance covers the building itself, liability for common areas, and the people who volunteer to run the scheme. We arrange strata cover for residential, commercial and mixed-use buildings across Australia, working with committees and strata managers.
Who needs strata and body corporate insurance?
- Residential apartment and townhouse complexes
- Commercial and industrial strata schemes
- Mixed-use buildings with retail and residential lots
- Small self-managed strata schemes
- Strata managers seeking a responsive broker
What strata insurance can cover
Every policy is different. Depending on the insurer and options you choose, cover can include:
- Building and common property damage
- Public liability for common areas
- Office bearers' liability for committee members
- Fidelity guarantee against theft of scheme funds
- Machinery breakdown for lifts, pumps and plant
- Catastrophe cover for rising rebuild costs after a major event
What to check before you buy
The building sum insured should be based on a current, professional replacement valuation, as underinsurance in strata schemes affects every owner. We'll also review the excess structure, water damage history, and whether the building has any features insurers treat as higher risk, such as combustible cladding or ageing plumbing.
Why arrange strata insurance through a broker?
Policies that look similar on price can differ a great deal in what they actually pay for. As your broker, we act on your behalf. We’ll ask the right questions, compare options, explain the fine print in plain language and be there to support you if you need to make a claim, wherever you are in Australia.
Strata and Body Corporate Insurance: common questions
Is strata insurance compulsory?
Each state has strata or body corporate legislation that generally requires the owners corporation to insure the building and maintain public liability cover. Specific requirements vary by state.
Does strata insurance cover my apartment contents?
No. Strata insurance covers the building and common property. Owners and tenants need their own contents insurance.
How often should a strata building be valued?
Many schemes are required or advised to obtain a professional valuation regularly. A current valuation helps ensure the sum insured reflects real rebuild costs.
Who pays the excess on a strata claim?
It depends on your state’s legislation, the scheme’s by-laws and the policy. Often the owners corporation pays the excess, but in some cases it can be recovered from the lot owner responsible for the damage. We can help your committee understand how excesses apply to your building.
Why have strata premiums been rising?
Rising rebuild costs, natural catastrophe claims, building defects, combustible cladding and frequent water damage claims have all pushed strata premiums up. We work with committees and strata managers to manage costs through excess options, maintenance planning and presenting the building well to insurers.
How to get a strata and body corporate insurance quote
Getting a quote is simple, and there is no obligation. Call Carly on 0497 100 469 or send an email with your business name and ABN, a short description of what you do, your approximate turnover and number of staff, a copy of your current policy schedule if you have one, and details of any claims in the last five years.
If your contracts or lease set specific insurance requirements, send those too.
We will ask a few questions about your operations, approach suitable insurers on your behalf and come back with options explained in plain language, including what is and isn’t covered. Once you choose, we arrange your cover and send your documents, then review it with you at every renewal so your insurance keeps pace with your business.
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