It’s compulsory in every state so if you’re part of an owners’ corporation in a townhouse, unit, flat, apartment or duplex or commercial strata building, you’ll need Residential Strata Insurance.
Residential Strata Insurance generally covers the building and all common or shared property, and contents which belong to the owners’ corporation. This may include car parks, common areas, ceilings, floors, lifts, swimming pools and shared contents such as lawn mowers and washing machines.
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. You don’t want to be left to foot the bill if there’s damage to shared parts of the building or property. You’ll also need to consider your liability and contents as a lot owner, especially if you rent your property to a tenant.
Our team of insurance professionals take the time to listen to what’s important to you and talk to you about your strata insurance options.