Strata insurance
Strata insurance quotes from licensed Australian brokers
Owners corporations have to insure the building, and the valuation behind that number is where most schemes come unstuck. Get quotes from brokers who write strata.
- Licensed Australian brokers
- Free to use
- No obligation
Strata insurance is not optional. Owners corporations and bodies corporate across Australia are required by state legislation to insure the building and common property, usually for full replacement value. The requirement is straightforward. Meeting it properly is less so, because the sum insured has to come from a current valuation, and construction costs have moved faster than most schemes have updated their numbers. CoverMy is free to use. Tell us about the scheme and licensed Australian brokers come back with options.
What a strata policy usually covers
A strata policy is really several covers bundled together, because an owners corporation is both a property owner and an entity with legal duties. The mix varies between states and insurers, but most schemes see these sections.
- The building and common property, on a reinstatement basis
- Common area contents such as lobby furnishings, gym equipment and pool plant
- Public liability for injury or damage occurring on common property
- Office bearers liability, covering committee members for decisions they make
- Loss of rent or temporary accommodation where lots become unliveable
- Machinery breakdown, catastrophe cover and legal expenses on many policies
The valuation is the whole game
Sum insured needs to reflect what it would cost to reinstate the building today, including demolition, debris removal, professional fees and compliance with current building codes, which can be materially more demanding than the code in force when the block went up. Most states expect a valuation to be obtained periodically, commonly every three to five years. A scheme running on a valuation from before the recent run up in construction costs is very likely underinsured, and in a total loss that shortfall lands on the owners.
Where the strata policy stops and lot owners start
The scheme insures the building and common property. It does not insure a lot owner's contents, and depending on the state and the plan, it may not cover improvements an owner has made inside their lot. Owner occupiers generally need contents cover, and investors need landlord cover for their lot, including loss of rent and tenant damage. Getting this boundary right avoids both gaps and paying twice for the same thing.
What is driving strata premiums
Location and building characteristics do most of the work. Schemes in cyclone, flood and bushfire exposed areas have seen the sharpest movement. Building height, construction materials, the age of the roof and any known defects all feed in. Claims history matters, and water damage claims in particular are watched closely because they are frequent and expensive. Buildings with combustible cladding or unresolved defect issues can find the market narrow, which is where a broker with strata relationships earns their keep.
How it works
- 1
Tell us about the scheme, the building and the valuation
2 min form
- 2
Licensed brokers review and compete on your quote
- 3
Compare offers and choose
No obligation
Frequently asked questions
Is strata insurance compulsory in Australia?
Yes. Owners corporations and bodies corporate are required under state and territory strata legislation to insure the building and common property, generally for full replacement value, along with public liability. The specific requirements differ between jurisdictions, so the exact obligations in New South Wales, Victoria and Queensland are not identical.
How often should we get a valuation?
Most states expect one periodically, commonly every three to five years, and many insurers ask for a current valuation at renewal. Given how much construction costs have moved, a valuation more than a few years old is a genuine risk to the scheme rather than a paperwork issue.
What is office bearers liability?
It covers committee members against claims arising from decisions made in their role, such as alleged mismanagement or breach of duty. Volunteers running a scheme are making decisions with real financial consequences, and this section is what stands behind them. Limits vary, so it is worth checking the amount rather than just its presence.
Does the strata policy cover the inside of my apartment?
Generally not your contents, and depending on the state and the plan, possibly not improvements you have made inside the lot. Owner occupiers usually need contents insurance and investors need landlord cover for the lot. Your broker can map exactly where the scheme's cover ends for your building.
Why has our strata premium gone up so much?
Mostly reinsurance costs and natural peril exposure, which have driven increases across Australian property insurance, plus rising rebuild costs pushing sums insured higher. Water damage claims history, building defects and cladding issues can compound it. A broker approaching multiple insurers is the practical response, along with addressing anything on the building that underwriters are pricing for.
Does CoverMy sell the insurance?
No. CoverMy passes your request to licensed Australian brokers who contact you directly. All advice, quotes and policies come from the broker you deal with. There is no cost and no obligation.
Get strata insurance quotes
Tell us about the scheme and licensed brokers will be in touch. Or call 1800 677 761.
Other cover you might need
This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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