What is Residential Strata Insurance?
Residential strata insurance provides protection for properties that are part of a strata title or body corporate arrangement. In Australia, this cover is mandatory for most strata schemes and ensures that common areas, shared property, and building structures are insured against unexpected damage or liability. It is designed to protect owners, residents, and the body corporate itself.
What Does Residential Strata Insurance Cover?
Typical features of residential strata insurance Australia include:
Types of Residential Strata Insurance in Australia
Standard Residential Strata Cover
Protects building structures and common property against fire, storm, flood, and accidental damage. This is the core of most strata policies and is required under state legislation.
Liability Cover for Shared Spaces
Provides protection if someone is injured or suffers property damage in common areas such as stairwells, driveways, or lobbies. This form of residential strata insurance Australia is critical for safeguarding residents and visitors.
Loss of Rent or Temporary Accommodation
An optional extension that covers loss of rental income for landlords or temporary accommodation costs for residents if units are uninhabitable due to an insured event.
Machinery Breakdown Cover
Covers the repair or replacement of essential machinery, such as lifts, pumps, or ventilation systems within strata buildings.
Catastrophe Cover
Provides additional protection in the event of declared catastrophes, such as bushfires, floods, or earthquakes, where costs may exceed standard policy limits.
Why Consider Residential Strata Insurance?
Strata properties bring together multiple owners and residents, meaning the risks are shared but also more complex. Without insurance, owners could face significant personal costs for repairs, liability claims, or rebuilding. Residential strata insurance Australia provides:
