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Strata insurance, which is mandatory in Australia, is a very common form of insurance with an estimated 3 million Australians (or 17% of the population) living in strata titled homes. Not many people know that strata is actually a world-first Australian invention. It was first introduced in 1961 and has since been copied by countries all over the world.
Residential and commercial strata insurance provides cover for properties under a strata title scheme. A strata scheme refers to the legal ownership of a ‘lot’ — a portion of a building, such as a unit, apartment, or office space — which is part of a shared ownership structure (managed by the Owners Corporation or Body Corporate) and involves the maintenance and oversight of areas of common property (e.g., parking area, paths, driveways, foyers, lifts, gardens, exercise areas, swimming pools, shared laundry).
Residential strata includes:
Commercial strata includes:
This type of insurance is different from a standard domestic or commercial insurance policy and is specially designed for the Owners Corporation, body corporate, or strata management group who are responsible for managing larger shared areas or multi-occupancy sites. Depending on the specific area agreement, the costs associated with strata insurance premiums may be shared between owners and tenants, often as part of the strata fees or levies paid on a regular, periodic, or quarterly basis.
Strata insurance applies to coverage of the building property (such as damage to the physical structure), as well as coverage of the common areas of use, including liability cover for incidents that occur within those areas.
Policies can be tailored to suit your individual needs, large or small, simple or complex, whether for residential or commercial or a mix of both.
It’s important to speak to a CorpSure Insurance Broker to find the strata cover that’s right for you. We’re happy to answer any questions you may have in relation to any strata products.
