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Strata Insurance (Commercial & Residential)

It is a legal requirement if you own a strata title in Australia. However, each state and territory has its own terms and conditions regarding the specifics of the required strata insurance.

Strata Insurance generally covers common or shared property as defined on the title of the property. This may include lifts, pools, car parks, gardens, ceilings and floors etc. It must provide liability cover in the event someone is injured on your common property.

Commercial strata properties may include retail shops, office buildings or multi-tenanted industrial complexes.

Tip - If a lot owner is running a business from a residential strata unit you need to notify your insurer to ensure you aren't required to change to a Commercial Strata Policy. This may save you a lot of heartache in the event of a public liability claim.

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Policies will vary among insurers, but typical strata insurance policies include the following:

Insured Property

Loss of or damage to insured property, which includes cover for storm damage, theft, vandalism, malicious damage, etc. This may also include common contents for which the Owners Corporation is responsible for such as furniture, appliances, fittings. 

Legal Liability 

This covers costs associated with personal injury, loss of or damage to property of third parties you become legally responsible to pay compensaiton for.

Voluntary Workers

Compensation payments made to voluntary workers who are injured because of an accident while carrying out that voluntary work on behalf of the Body Corporate.

Fidelity Guarantee

Cover for loss that is incurred because of fraudulent misappropriation of funds.

Office Bearers Liability

This relates to any legal liabilities that arise as part of an office holder’s wrong doing. Committee members are provided cover for Loss arising from a Wrongful Act which results in a claim.

Machinery Breakdown

Cover against unforeseen physical breakdown of electronic, mechanical and electrical plants including air conditioners, which require repair.


Provides additional cover when there is an escalation in rebuilding costs due to a declared catastrophe such as earthquake, bushfire, tsunami or cyclone.