Strata Title Insurance

Don't be left with the financial
burden of repairs

Don't be left with the
financial burden of repairs

Remove the uncertainty

If loss or damage was to happen to your strata building or the shared contents of the building, you don’t want to be left with the financial burden of the repairs.

Remove the uncertainty

What is Strata Title insurance?

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 Title Insurance (also known as body corporate insurance) provides protection for properties managed under strata title legislation or a body corporate entity.

This policy typically covers damage to the building itself as well as common or shared property, such as pathways, walls, fences, lifts and carparks.

Who should consider it?

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.

Each state and territory have different legislative requirements in regards to Strata Title Insurance and not all policies are the same. Our specialist broking team members have extensive experience in managing the requirements of strata managers and owners corporations and understand the requirements of each state and territory enabling them to provide considered advice delivering you the best policy for your specific needs.

Touch base with us to learn how we can help arrange strata insurance on behalf of the owners’ corporation.

HDL, the right partner for you.

Did you know?

Strata insurance premiums vary, depending on the level of risk exposure of the area where the building is located.

(Insurance Council of Australia, Strata Owners’ Fact Sheet, 2018)

1/3

According to the Insurance Council of Australia, many strata schemes pay around a third of the premiums of an equivalent stand- alone home policy.

(Strata Community Association, Understanding Strata, 2018)

30.6%

The number of apartments in Australia is increasing – with a 30.6% rise in apartment approvals predicted in November 2017.

(ABC website, ‘Apartment boom continues as development approvals jump’, 2018)

What can it cover?

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.

Type of cover	Potential benefits
Building and common contents	Building and common content including equipment, furniture, carpets etc in any common area for which the owners’ corporation is responsible. This can include cover for loss of rent or alternative accommodation due to an insured peril.
Public liability	If people are injured on common property
Personal accident for voluntary workers	Compensation to any person injured while carrying out voluntary works on behalf of the owners’ corporation.
Office bearer’s liability	Office bearer’s liability For office bearer’s if a claim arising from wrongful acts by the office bearers.
Fidelity guarantee	Loss arising from misappropriation of funds belonging to the owners’ corporation.
Mechanical and electrical breakdown	Physical damage to machinery or electrical items caused by breakdown.

Case study

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.

Complimentary Review

Securing optimal insurance protection is becoming more challenging.

Having a fresh set of eyes can make a dramatic difference. HDL welcomes the opportunity to evaluate and challenge your current risk and insurance program in a confidential manner that avoids disrupting existing relationships.