Secure Your Community
We work with a broad range of strata insurance companies, so when you work with Perth Property Insurance on your Strata insurance requirements you do so knowing we have your interests at heart. We will only guide you to what you need. It is important to us that you don’t get coverage for more than you need.
Buildings vary, and so too must their strata coverage. 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 insurance protects the building and common areas or facilities, with the premiums paid for by the owners’ corporation. It doesn’t matter if your building has high hazard tenants, or maybe it has inferior construction aspects. Whatever the features of your building, the team at PPI will work to build a Strata Insurance offering that meets these precisely and effectively.
Perth Property Insurance offers Strata Insurance for three types of buildings:
- Commercial Buildings
- Industrial Buildings
- Strata Complex (Commercial and Residential)
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.
An insurance broker can arrange strata insurance on behalf of the owners’ corporation.
Features
Typically, strata insurance covers a range of areas:
- Building damage
- Loss of rent
- Glass breakage
- Property owners liability
Further Information
Strata insurance Explained
Strata insurance is insurance that the owner’s corporation (also known as the body corporate) is obliged to take out to cover the building, common property and common area contents of a strata scheme.
Insurance is available for both residential strata and commercial strata properties. It is mandatory to hold strata insurance that conforms to each state’s relevant legislation in Australia.
What does strata insurance typically cover?
Strata insurance typically covers common area contents, the building and shared property in the event of loss or damage. Generally, events like theft of common area contents, repairs to damaged property managed by the owner’s corporation and the cost of recovery if disaster strikes are also included in strata insurance. It is also compulsory for strata insurance in all parts of Australia to provide liability coverage in the event that people are injured on common property.
Who is Strata Insurance managed by?
Strata insurance is usually managed by a strata manager, property manager or unit owner who’s been asked to manage the policy and cost on behalf of all the owners. The term differs depending on which state you’re in. Your building may already be insured if your property is part of strata or another group scheme. It’s worth checking.
What if I don’t have a strata manager or property manager?
If you’re the owner of a unit in a complex, it’s likely that your building is managed by a body of some sort already. If you’re not sure, check with the real estate agent that you bought the property through or do strata or another title search of the building.
If you own a property that isn’t managed by a body – for example, if you have one of two properties that only share a driveway – you’ll need legal advice about whether you need to set up an appropriate body with your neighbour.