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Insurance Details
Strata Insurance is designed to protect strata-titled properties and owners corporations against financial loss arising from damage to common property, shared assets, and legal liability associated with communal ownership.
It provides financial protection for buildings, common areas, and shared facilities, as well as liability cover for the owners corporation, helping ensure the ongoing protection and management of strata properties.
Whether the property is a residential apartment complex, mixed-use development, or commercial strata building, Strata Insurance is a fundamental protection for strata communities across Australia.
Cover Sections / Benefits Covered
Q&A – Common Questions
Yes. Strata Insurance is generally mandatory under state and territory strata legislation.
Strata Insurance covers common property and shared structures.
Individual lot owners are responsible for insuring their own contents and internal improvements, unless otherwise defined in the strata plan.
No. Lot owners require separate contents or landlord insurance.
Yes. Regular insurance replacement cost valuations are critical to avoid underinsurance and legislative non-compliance.
Strata policies vary significantly in valuation methodology, exclusions, and claims handling.
As your broker, FRS helps you:
• Arrange compliant building replacement valuations
• Structure appropriate liability and catastrophe limits
• Compare strata policy wordings beyond price
• Assist with complex strata claims and stakeholder coordination
Strata Insurance is not just about compliance—it is about protecting shared assets, community interests, and long-term property value.