Strata Compliance
PROTECT YOUR PROPERTY WITH CONFIDENCE
Insurance isn’t just about compliance; it’s about protecting what matters most. We make strata insurance simple, transparent, and people-first, so your community is covered with confidence.
OUR APPROACH
Strata is about more than compliance — it’s about communities that thrive. We combine proactive management with a people-first mindset, ensuring every decision balances property and people. With Strata Sense, you can expect:
TAILORED
COVERAGE
Practical advice to ensure your policy matches your building’s needs.
COMPLIANCE
EXPERTISE
Guidance on legislative obligations under NSW strata insurance requirements.
TRANSPARENT
PROCESS
No commissions, clear rebates, and inclusive fees.
CLAIMS
SUPPORT
End-to-end help with claims so issues are resolved quickly and fairly.
MAKING IT SIMPLE FOR YOU
We take the jargon and guesswork out of strata insurance. From renewals to claims, we guide committees and owners every step of the way. Key cover types include:
Building Insurance
Keeps shared areas like lobbies and communal spaces safe, covering repairs or rebuilding when damage occurs unexpectedly.
Public Liability Insurance
Protects against legal claims from accidents or injuries in common areas.
Workers' Compensation Insurance
Covers work-related mishaps for employees such as cleaners or maintenance personnel.
Office Bearer’s Liability Insurance
Shields members of the owners corporation from legal claims arising from their decisions.
Catastrophe Insurance
Provides extra cover during natural disasters such as floods or earthquakes.
Machinery Breakdown Insurance
Covers necessary repairs for essential equipment like elevators and HVAC systems.
Strata Compliance FAQS
Choosing the Right Strata Insurance Broker
Choosing the right broker is important. Consider these traits:
- Experience: Seek out a broker who understands strata insurance to ensure compliance with the strata legislation insurance requirements.
- Reputation: Investigate their credentials, read reviews, and check their standing in the insurance industry.
- Customer Service: A reliable broker with strong communication skills can make your insurance journey smooth and hassle-free. They should also provide you adequate time to consider quotations.
- Claims Support: Look for a broker with a strong claims process and adequate resources to manage unexpected claims.
A reputable broker helps you navigate strata insurance, and policy terms while ensuring you get comprehensive cover at a fair price.
Residential vs. Commercial Strata Insuarance
Both types of strata insurance have the same categories of coverage but it is important to review the sums insured and terms of the policies for specifies relevant to your strata scheme:
- Residential Strata: Review areas of exclusions in the policy terms which may prevent an insurance claim being accepted and seek advice from an insurance broker on the adequacy of the insured sums.
- Commercial Strata: Look carefully at policy terms, for example some insurance policies can have an exclusion on fit-out work being conducted over $500,000.
An experienced insurance broker can provide guidance to meet your property’s specific needs.
Debunking Strata Insurance Myths
Several myths may confuse owners:
- “Strata insurance covers personal belongings.” No, only common areas are covered; personal items inside apartments require separate contents insurance.
- “Strata insurance covers all types of damage.” Unfortunately, things like wear and tear or poor maintenance or defects aren’t covered. Review the exclusions to avoid surprises.
- “Strata insurance premiums never change.” Premiums can fluctuate based on claim history or changing risks.
By debunking these myths, you can make informed decisions and avoid any unseen gaps in coverage.
The Role of the Owners Corporation in Insurance
The owners corporation is tasked with maintaining the strata insurance cover. Their responsibilities include:
- Securing and Maintaining Insurance: Arranging and renewing policies annually is their duty.
- Managing Premiums: Collecting strata levies to finance insurance fees.
- Claims Coordination: Engaging insurers when a claim arises and ensuring swift repairs.
- Policy Reviews: Regularly reviewing the policy to ensure compliance and coverage adequacy.
The owners corporation plays a pivotal role in all aspects of strata insurance.
Insurance Solutions for Strata Property
Tailored insurance is often required for strata property due to its unique needs:
- Strata Building Insurance: Protects structures and common property from risks like fires or accidental damage.
- Public Liability Insurance: Guards against liabilities for accidents in shared areas.
- Machinery Breakdown Insurance: Covers essential equipment repairs to keep everything running smoothly.
- Office Bearer’s Liability Insurance: Protects the owners corporation from legal issues.
- Disaster Insurance: Provides protection against natural disasters.
Working with a broker ensures a plan that meets your strata scheme’s specific needs.
Additional Cover for Strata Owners
Despite strata insurance covering common areas, individual owners may need additional protection:
- Contents Insurance: Covers personal items like furniture and electronics from theft or damage.
- Landlord Insurance: Protects rental property owners against tenant-related losses or damage.
- Personal Liability Insurance: Covers claims related to accidents within individual units.
- Income Protection Insurance: Provides financial support if you’re unable to work due to illness or injury.
- Legal Expenses Insurance: Covers costs for legal disputes over ownership or tenancy issues.
These additional covers provide a safety net for both shared and personal property.
Navigating the Strata Insurance Claims Process
Here’s how to handle the claims process if a disaster strikes:
- Notify the owners corporation to start the claims process with the insurer.
- Collect evidence of the incident, such as photos and other proof.
- Submit the claim through the owners corporation to the insurer.
- The insurer assesses the claim to ensure it meets coverage requirements.
- If approved, the insurer arranges repairs or compensation.
- Resolve disputes using the insurer’s dispute resolution process if needed.
Understanding these steps ensures a smoother resolution.
Tips to Lower Strata Insurance Premiums
Here are some strategies to help reduce your strata insurance premiums:
- Risk Management: Perform regular maintenance and safety checks to minimise risks.
- Increase Deductibles: Raising deductibles can lower premiums, but ensure they’re manageable.
- Review Coverage Limits: Avoid over-insuring; make sure your coverage matches the property’s true value.
- Security Enhancements: Installing security systems can reduce risks from theft or vandalism.
- Compare Quotes: Regularly compare quotes to ensure you’re getting a good deal.
These tactics, alongside choosing the right broker, help keep your strata insurance costs in check.
The Importance of Contents Insurance in Strata Properties
Contents insurance is crucial for protecting personal items within individual units. Key benefits include:
- Protection for Personal Items: Covers furniture and electronics against theft or damage.
- Financial Security: Reduces the burden of replacing personal belongings.
- Liability Protection: Covers claims for accidents in your unit.
- Peace of Mind: Ensures your possessions are protected, allowing you to focus on other matters.
Combining contents insurance with strata insurance guarantees full protection for both personal and communal property.
- Risk Management: Perform regular maintenance and safety checks to minimise risks.
- Increase Deductibles: Raising deductibles can lower premiums, but ensure they’re manageable.
- Review Coverage Limits: Avoid over-insuring; make sure your coverage matches the property’s true value.
- Security Enhancements: Installing security systems can reduce risks from theft or vandalism.
- Compare Quotes: Regularly compare quotes to ensure you’re getting a good deal.
These tactics, alongside choosing the right broker, help keep your strata insurance costs in check.
Public Liability Insurance for Strata Buildings
Public liability insurance protects the owners corporation from legal claims due to accidents in shared spaces. This insurance:
- Protects Against Legal Claims: Covers legal fees and compensation for accidents in common areas.
- Mitigates Risk: Reduces financial fallout from incidents in areas like lobbies or gyms.
- Compliance: Public liability cover is mandatory for strata schemes in NSW.
Proper public liability insurance is vital for safeguarding both the corporation and individual owners.
- Risk Management: Perform regular maintenance and safety checks to minimise risks.
- Increase Deductibles: Raising deductibles can lower premiums, but ensure they’re manageable.
- Review Coverage Limits: Avoid over-insuring; make sure your coverage matches the property’s true value.
- Security Enhancements: Installing security systems can reduce risks from theft or vandalism.
- Compare Quotes: Regularly compare quotes to ensure you’re getting a good deal.
These tactics, alongside choosing the right broker, help keep your strata insurance costs in check.
The Role of the Strata Manager in Insurance
A strata manager plays an important role in managing the complex’s insurance matters, with tasks such as:
- Policy Renewal: Ensuring the insurance policy is reviewed and renewed annually.
- Claims Management: Acting as the main point of contact for handling insurance claims.
- Risk Management: Identifying potential risks and implementing measures to mitigate them.
Strata managers streamline the insurance process, safeguarding both the property and its occupants.
- Mitigates Risk: Uses their experience to ensure there has been adequate disclosure and appropriate coverage.
- Compliance: Oversees compliance with the Strata Schemes Management Act 2015 (NSW).
- Risk Management: Perform regular maintenance and safety checks to minimise risks in conjunction with building management.
- Compare Quotes: Regularly compare quotes to ensure you’re getting a good deal.
The right strata manager and insurance broker, help keep your property protected.
FROM SMALL BUILDINGS TO LARGE COMMUNITIES, WE’VE GOT YOU COVERED
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