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Insurance for apartments and townhouses to cover theft, vandalism, fire damage and more.
Insurance for apartments and townhouses to cover theft, vandalism, fire damage and more.
If you own a townhouse, unit, or apartment and you’re sharing common space with others, you don’t want to be left to foot the bill if there’s damage to shared parts of the building or items.
Strata insurance protects the building and common areas or facilities, with the premiums paid for by the owners’ corporation.
Strata insurance also covers public liability for people working onsite or visiting the property. If your owners’ corporation decides to repaint the exterior of the building and the painter is injured, your strata insurance should cover the costs of a claim.
Strata insurance can cover the building and all common or shared property, and contents which belong to the owners’ corporation. The type of cover and its cost will depend on the kind of building, where it’s located and the amount of common property you share.
The exact cover you receive depends on the policy that you take out. But to give you an idea, here are some of the benefits a strata insurance policy may include:
Our brokers can help you compare and tailor a strata insurance quote to ensure you are adequately covered.
Strata insurance is compulsory in every state – so if you’re part of an owners’ corporation in a townhouse, unit, flat, apartment or duplex, the owner’s corporation will need strata insurance.
An insurance broker can arrange strata insurance on behalf of the owners’ corporation.
Every strata insurance policy is different. Our brokers can help you compare and tailor a strata insurance quote to suit your requirements.
Ken owned a studio apartment on the fifth floor of an inner-city apartment block. One day the lift broke down because a fire occurred in the fuse box.
Fortunately, Ken and the other members of the strata committee had taken out strata insurance, which was managed by an insurance broker.
The repairs were carried out and the cost was covered by their policy, which meant that none of the strata members were out of pocket as a result.
Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer.
Policies generally won’t include cover for:
Our brokers can help you compare landlord insurance and tailor a landlord insurance quote to ensure you are adequately covered.
Residential Strata Insurance covers buildings with shared property, such as apartments and townhouses.
Residential strata insurance policies can include cover for:
Policies generally won’t include cover for:
Our brokers can help you compare residential strata insurance and find the best landlord insurance quote to suit your needs.
Commercial strata insurance is designed to protect the specific needs of commercial strata title properties.
The cost of commercial strata insurance depends on a range of factors including risk level, cost of repairs, location, age, design and construction methods.
Depending on the level of risk exposure of the area where the building is located, the premium on policy may vary.
Our brokers can help you compare commercial strata insurance and find the best landlord insurance quote to suit your needs.
Body corporate insurance provides protection for residential strata, group and community title properties, body corporates, owners corporations, and strata managers.
A strata insurance policy can cover multiple properties within the same building, complex or block of land. These types of body corporate insurance policies normally cover the building, parking, and other common areas within the lot or complex.
On the other hand, building insurance normally covers an individual domestic property that is not part of a strata or body corporate scheme requiring strata title insurance or body corporate insurance.
Our brokers can help you compare strata title insurance and find the best landlord insurance quote to suit your needs.
Strata insurance can cover the building and all common or shared property, and contents which belong to the owners’ corporation.
Strata insurance or body corporate insurance provides cover for public liability, damage to common property and common area contents as well as theft, recovery after a catastrophe, and legal liability for office bearers.
The policy provides cover for damage caused by impact, water, accidents, vandalism, fires and storms, but depending on the policy, building defects may be excluded from cover.
There may be other exclusions which our insurance brokers can outline for you when they recommend the right strata insurance policy for you.
Generally, water damage to common areas is covered by body corporate insurance. This may include a sudden and accidental event like a burst pipe.
Our brokers can help you compare strata insurance and find the best body corporate insurance quote to suit your needs.
Building insurance could help protect your building from theft, vandalism, fire damage and more.
Home insurance can protect you if your home is damaged from fire, theft and more.
Protect your business from the financial risk of legal liability claims – giving you the certainty you need to trade with confidence.
Call us on 02 4969 8100 or request a call back.
We know that navigating the world of insurance can be complex and confusing. Our brokers compare the myriad of insurance options on the market for you, providing expert advice to implement your chosen plan.
We empower thousands of Australian businesses to focus on what they do best, knowing they’re protected against any possible eventuality.