PROTECT YOUR HOME
with strata insurance.
If you’re a lot owner, or unit owner in New South Wales, then getting strata insurance is a must for your strata property. It’s essential armour against the various issues that come with living in strata communities.
Whether your place is a cosy residence or a bustling business, having the right strata insurance solution is key to safeguarding your property.
A Level Above
Why strata insurance is essential
In accordance with the Strata Schemes Management Act 2015, you are required to obtain strata insurance. It’s your sure-fire protection against incidents like fires, storms, or surprise accidents in shared areas. Without it, you could be facing a significant amount of expenses when disaster strikes.
Strata insurance ensures you have no issues in the event of repairs and rebuilding, and takes a huge load off individual owners. Think of it as a trusty sidekick for an owners corporation, aiding in smooth community management.
Types of strata insurance
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 staff like 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 INSURANCE FAQs
Choosing a sharp broker is like finding a wise mentor. Consider these traits:
- Experience: Seek out a broker who knows the strata world inside out, with all its tricky risks.
- 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.
- Claims Support: Look for a broker with a strong claims process.
A reputable broker helps you navigate strata insurance while ensuring you get comprehensive cover at a fair price.
Both types of strata insurance follow the same rules but serve different purposes:
- Residential Strata: Focuses on shared spaces like pools and managing community-related claims.
- Commercial Strata: Geared towards businesses, offering coverage for liabilities and protecting specialised tenant equipment.
Choosing between residential and commercial strata insurance can be guided by a savvy broker to ensure your property’s specific needs are met.
Several myths may confuse owners:
- “Strata insurance covers personal belongings.” No, only common areas are protected; personal items inside units require separate contents insurance.
- “Strata insurance covers all types of damage.” Unfortunately, things like wear and tear or poor maintenance 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 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.
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.
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.
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.
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.
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 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.
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.
- 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.
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Explore our portfolio
Services that maximises asset value
Independent onsite management
- Support to help enhance the lifecycle of assets
- To improve the appearance, amenities and functionality of buildings
- Ensure compliance with strata schemes development regulations
Administrative and compliance specialists
- Management of day-to-day building maintenance matters
- Improve service contractor productivity to maximise efficiency
Less buildings.
More attention.
- Each one of our strata managers maintains fewer properties than the industry average
- Allowing for a more focused, personalised service
- Expect your dedicated strata manager to respond directly within one business day
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Access our intuitive cloud platform
With Strata Connect, enjoy ease, efficiency and secure financial transactions for your scheme, owner levy account, and strata records, 24/7.
Automate accounts payable
Our multi-tiered approval process makes approving your supplier invoices simple and seamless, ensuring your strata management runs smoothly.
Easy-to-use collaboration tool
Enhance your strata committee’s online communication and facilitate quick decisions to streamline the management of your strata property.
Protect your building's funds
Secure your building’s funds easily with our term deposit interface, making financial management simpler.
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Keep your property safe with strata insurance
Strata insurance is a cornerstone of property ownership in New South Wales, delivering financial security while meeting legal obligations. By regularly reviewing your policy and working with experienced brokers, you can find the coverage that’s just right for your unique strata needs.
Investing in strata insurance safeguards both communal spaces and personal belongings, ensuring peace of mind and protecting the long-term value of your property.