Why is Strata Insurance needed?

Strata Insurance is designed to cover strata titled properties, such as apartments and townhouses, against events such as a storm, fire and malicious damage. It not only covers the physical structure of the properties, but can also cover theft of common area contents, as well as liability cover for incidents which occur in common areas.

When buildings, or common areas and/or their contents, in an apartment complex or a set of townhouses are damaged or stolen, both owners and tenants will want the issue addressed as quickly and smoothly as possible. And in today’s climate, that’s even more important. Be it garages, swimming pools, shared lawnmowers, shared washing machines, cleaning products or elevators, they are all at risk of damage, breakdown, unpredictable weather, or theft; Having Strata insurance in place can help make sure there is minimal interruption to the daily lives of residents if an event does occur, by providing owners and the body corporate with a range of coverage options.

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What does Strata Insurance cover?

Residential Strata Insurance arranged through Aon may include cover for the following:

Buildings

If a strata titled building is damaged by storm, fire, malicious damage or other insured event, Strata Insurance will pay for the repair or replacement up to the Sum Insured.¹

Fidelity Guarantee

This can protect you in the event body corporate combined funds are used fraudulently by a committee member/s.¹

Liability Cover

This provides cover for the body corporate or the owners corporation if a resident or a member of the public is injured on common property, for example if damaged or loose balustrades in the stairs of an apartment caused someone to fall and injure themselves.¹

Common Area Contents

Strata Insurance can cover the cost to repair or replace common area contents if they’re damaged or stolen up to the Sum Insured. This includes washing machines; gardening equipment and shared gym equipment.¹

Temporary Accommodation

If an insured event leads to a property being uninhabitable, Strata Insurance can cover temporary accommodation costs for owners.¹

Office Bearer’s Liability

This covers legal liability in the event that the body corporate is alleged to have committed a wrongful act, or where their actions or decisions caused an owner financial loss.¹

Volunteer Workers

Covers a person who sustains bodily injury while voluntarily working (without reward or remuneration) on behalf of the Owners Corporation. For example, getting injured while replacing a light bulb in the foyer.¹

Loss of Rent

If your tenants must vacate the premises as a result of loss or damage to property insured under the Property Damage section, cover is available to protect the income you would lose during the time your property is unable to be tenanted.¹

Lot Owner’s Fixtures & Improvements

If you have made fixture or structural improvements during the period of insurance which have not been included in the building valuation, lot owner’s fixtures can increase your building cover limit.¹

FAQs

Frequently Asked Questions

Here are some questions commonly asked by other customers.

Who needs Strata Insurance?

Strata Insurance is taken out by the body corporate, or owners’ corporation of a strata titled property. The cost is usually divided up between all the unit owners, or included in the cost of strata maintenance/levy.

Is Strata Insurance the same as Home Building Insurance?

Traditional Home Buildings Insurance doesn’t cover properties under Strata Title, as Home Insurance policies are designed for standalone dwellings and duplexes. Strata Insurance has been designed for apartment complexes and townhouses, and while some of the coverages are similar to Home Insurance policies such as storm; fire and theft, it has additional features which are applicable to strata titled properties.

How much does Strata Insurance cost?

The cost of Strata Insurance will depend on factors such as the address of the property, the number of units, the size and the sum insured. The best way to get an idea of the cost is to speak to your broker and go through the quote process.

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Does Strata Insurance cover tenants?
Strata Insurance does not cover tenants’ contents as these need to be covered under renter's/contents insurance. It also does not include liability cover for injuries or property damage experienced by tenants, unless the incident occurs in a common area.

Why choose Aon for Residential Strata Insurance?

When it comes to Residential Strata Insurance, there are a few options available to you, and deciding which ones you need might not be easy. Aon is committed to making life easier for you by arranging insurance that’s easy to understand, buy and manage, so you can get quotes and take out a policy online. Or if you do need help, our team of friendly experienced brokers are a phone call away to help you understand what insurances you may or may not need, but more importantly, why. Helping give you confidence that you’re making a better decision for you and your business.

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