Residential Strata Insurance

Residential Strata Insurance 2018-05-16T11:14:36+00:00

Residential Strata Insurance is designed for residential buildings under strata, group, body corporate or community title. Strata Insurance is compulsory in every state so if you’re part of an owners’ corporation in a townhouse, unit, flat, apartment or duplex, you’ll need Residential Strata Insurance. Residential Strata Insurance can provide cover for the building, common or shared property, legal liability, office bearers, voluntary workers and machinery.

Residential Strata Insurance can include all or some of the following and can be tailored to suit your specific needs:

  • Building Replacement & Reinstatement – Provides cover for the buildings, fencing, fixtures, fittings and any other improvements of a structural nature in Common Property areas.
  • Public Liability – Covers the legal liability of the Body Corporate. This does not include cover for liability of the unit owner, except where liability relates to the Insured property or common contents.
  • Personal Accident for Voluntary Workers – Provides compensation to any person who voluntarily works on behalf of the Body Corporate.
  • Fidelity Guarantee – Protects the Body Corporate against fraudulent embezzlement or fraudulent misappropriation of their funds and tangible assets.
  • Office Bearers – Committee members can be personally responsible for decisions they make on behalf of the Body Corporate. Office Bearers Liability protects committee members when liability has arisen from an alleged or wrongful act, omission or breach of duty.
  • Catastrophe – Provides an additional sum following a large loss (such as an earthquake, bushfire, tsunami or cyclone) when a state of emergency is declared.

Contents Insurance cover for personal items is not included. Kitchen benches, carpets and internal fixtures and fittings are also not included in a Residential Strata Insurance policy. You will need to ensure you also have cover for your belongings and other items under a Contents or Landlords Insurance policy.

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