Tailored strata building insurance for owners corporations, strata committees and strata managers—protecting apartment buildings, common property and shared risks across Australia.
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Residential Strata Insurance is designed for an owners corporation or body corporate, protecting the building and common property against insured damage. Depending on the policy and location, cover may also include public liability, loss of rent, temporary accommodation, catastrophe costs, office bearers’ liability, fidelity and voluntary workers.
Covers insured buildings and common property against physical loss or damage caused by insured events such as fire, storm, impact and other policy-defined risks.
May include demolition, debris removal and professional fees needed to repair or reinstate the insured strata building after a covered event.
Protects the owners corporation against covered legal liability for personal injury or property damage connected with common property.
Can help with covered loss of rent and temporary accommodation costs when an insured event makes a lot uninhabitable.
Depending on the policy, cover may extend to catastrophe cost escalation and breakdown of lifts, pumps or other shared machinery.
Optional protection may be available for office bearers, theft of scheme funds and voluntary workers acting for the strata community.
Advice for owners corporations, strata committees and strata managers
Cover matched to the building, valuation, occupancy and risk profile
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Request a tailored residential strata insurance quote today.
Residential strata insurance generally covers the insured building and common property against specified events and includes public liability protection. Policies may also offer loss of rent, temporary accommodation, catastrophe costs, machinery breakdown, office bearers’ liability, fidelity and voluntary workers cover. Benefits, limits and exclusions vary between policies.
Requirements vary between Australian states and territories. In NSW, strata schemes generally require building insurance and at least $20 million in public liability cover, subject to limited statutory exceptions. ABS can help review the requirements applying to your scheme, but the policy wording and current legislation should always be checked.
Usually not. An owners corporation’s strata policy generally protects the building and common property, not a resident’s personal belongings or every item inside an individual lot. Owners, landlords and tenants should consider separate contents or landlord insurance for their own property and liabilities.
The sum insured should reflect the cost of rebuilding and reinstating the property, including relevant demolition, debris removal, professional fees and cost escalation. A current professional building valuation helps reduce the risk of underinsurance and should be reviewed regularly.
Yes. ABS Insurance Brokers can assist with gathering scheme information, approaching suitable insurers, comparing policy options, reviewing renewal terms and supporting the owners corporation or strata manager through an insured claim.
