Take the hassle out of shared space – and shared costs
If you own a townhouse, unit, apartment or strata business 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. So, it’s important to help protect your property – and your back pocket – with the right strata insurance. Strata insurance can protect the building’s common areas or facilities, with the premiums paid for by the owners’ corporations.
Who should consider it?
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. Business owners who work in a strata building should also consider strata insurance.
The cover can be managed by an appointed strata manager, or an insurance broker can take care of it on behalf of the owners’ corporation.
What can it cover?
Strata insurance can cover the building and all common or shared property, and contents which belong to the owners’ corporation. The type of cover and its cost will depend on the kind of building, where it’s located and the amount of common property you share.
It may include:
- Car parks
- Common areas
- Shared contents, such as lawnmowers and washing machines
- Swimming pool
What isn’t covered?
There are exclusions. There is also often a deductible or excess and limits on cover, so check with your GSK insurance broker.
Product Disclosure Statement
A Product Disclosure Statement (PDS) is available for strata insurance and can be obtained from a GSK insurance broker.
You should consider the PDS in deciding whether to acquire, or continue to hold, strata insurance.