Strata insurance for committees
Strata insurance your committee can finally understand
We review and arrange strata insurance directly for committees, with full transparency on cost and a plain-English explanation of what you are covered for. Independent, committee-first, and licensed.
Specialist cover
Cover built around your scheme, not sold off a shelf.
Every building is different. We review what your scheme actually needs, then arrange cover that matches it, with the costs set out in plain English.
What is strata insurance?
Strata insurance covers the shared parts of a strata scheme: the building or buildings, the common property, and the scheme’s legal liabilities. It is held by the body corporate or owners corporation on behalf of all owners, and it is one of the largest annual costs a scheme carries. Because the cover and the law differ by state, it pays to have someone who works only in strata and works for your committee.
What does it cover?
The core covers in most strata policies are:
- Building and common property, insured for the cost to rebuild after an insured event such as fire, storm or impact.
- Public liability, for the scheme’s legal liability if someone is injured or their property is damaged on common property.
- Office bearers’ liability, protecting committee members in connection with their role.
- Common contents, such as shared furniture and equipment.
Optional covers, which should be matched to your building’s real risks, can include flood, catastrophe cover, machinery breakdown, and loss of rent or temporary accommodation.
The rules depend on your state
Each state sets its own compulsory covers and minimum limits. The minimum public liability cover differs between states, and the rules on which buildings the scheme must insure differ too, especially in Queensland where the type of plan affects the obligation. We make sure your cover meets the requirement that applies to your scheme, in Queensland under the Body Corporate and Community Management Act, in New South Wales under the Strata Schemes Management Act, and in Victoria under the Owners Corporations Act.
Body Corporate Insurance (QLD) Owners Corporation Insurance (NSW and VIC)
How we help your committee
You start with a free Insurance Confidence Review. Gavin, our licensed broker, reviews your current cover, checks the sum insured against your valuation, tests the market, and presents clear, itemised options. Your committee sees exactly what it is paying for, including any commission or fee, and decides with no pressure and no obligation.
Common questions
Why did our strata premium go up?
Strata premiums rise for several reasons: higher building rebuild costs, more frequent or severe weather events, the scheme’s own claims history, and increases in government charges such as stamp duty and GST. A market review shows whether your increase is in line with the wider market or worth challenging.
How often do we need an insurance valuation?
As a general guide, most schemes should obtain a full insurance valuation every two to three years, and some state laws or policies require one at least that often. A current valuation helps the scheme insure for the right amount and avoid underinsurance.
What is underinsurance, and why does it matter?
Underinsurance is when the sum insured is less than the full cost to rebuild. If a major loss happens, the scheme may have to fund the shortfall itself. A current valuation and an adequate sum insured are the best protection against it.
Review your strata insurance with confidence
Free, independent and itemised. No obligation.