Who should consider it?
Strata insurance is a 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.
What is Strata Insurance?
If you own a townhouse, unit, or apartment, and your 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 owner’s corporation.
The Metsure Difference
We have an in-house claims service.
We can bypass Body Corporate management fees in relation to insurance.
We’re Quick, Reliable and Competitive.
Our key markets are for Duplex, Self managed and Residential Strata.
We have access to multiple insurers.
We have the ability to pick and choose the covers appropriate for you and your home.
We can split payments between owners.
“As a strata owner, you also have a share of an unlimited liability for anything that goes wrong, which is why strata insurance is compulsory in every state and territory.”
Did You Know?
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Strata insurance premiums vary, depending on the level of risk exposure of the area where the building is located (Insurance council of Australia, Strata Owners’ Fact Sheet, 2018)
1/3
According to the Insurance Council of Australia, many strata schemes pay around a third of the premiums of an equivalent stand-alone home policy (Strata Community Association, Understanding Stata, 2018)
30.6%
The number of apartments in Australia is increasing - with a 30.6% rise in apartment approvals predicted in November 2017 (ABC website, “Apartment boom continues as development approvals jump” 2018)
Frequently Asked Questions
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Insuring the Buildings for the correct sum insured is critical to avoid under-insurance. The costs of materials and labour costs are constantly increasing so it is important to review your sum insured on a regular basis.
Buildings sum insured can be calculated by a professional valuer. It is recommended that Body Corporates obtain a valuation at least every 2-3 years.
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Common area contents can be covered under a Body Corporate policy.
Personal contents of the unit owner or their tenant are not covered under a Body Corporate policy and are the responsibility of the unit owner/tenant to insure.
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Flood cover is a optional extra under Strata Insurance. If flood cover is not included in your existing policy then we will let you know and provide an alternative option with Flood cover if possible.
Steadfast have a flood risk tracker which can assist you to determine your flood risk - https://www.steadfast.com.au/flood-risk-tracker
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Call us on 07 5438 8991 or click on the contact page on this website and we can do the rest.
Terms, conditions, limits and exclusions apply to the products referred to above. The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these, having regard to the appropriateness of this advice, and the relevant Product Disclosure Statement, available by calling us on 1300 642 001 before deciding to acquire, or to continue to hold, this product.
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