Residential Strata.

Residential strata is the classic shape of strata insurance: a building or complex of buildings held in common ownership by lot owners, with the strata scheme insuring the building structure, common property, and the body corporate's legal liability. Strata Insurance places residential strata cover across our full specialist panel.

Who it is for

• Single-block apartment buildings
• Townhouse and walk-up complexes
• Mid-rise and high-rise residential schemes
• Heritage-listed residential strata
• Older residential schemes with known maintenance issues

Typically includes

• Building replacement cover (sum insured to current rebuild value, including demolition and professional fees)
• Common property contents and lift, machinery and pool plant
• Public liability for common property
• Office bearer's liability for the body corporate committee
• Voluntary workers cover for committee members and unpaid scheme volunteers
• Loss of rent and temporary accommodation
• Catastrophe sub-limits (flood, storm, fire) per carrier wording

Considerations at placement

• Building age and known maintenance history
• Sum insured accuracy: under-insurance is a recurring risk and rebuild values move quickly
• Construction type and combustible cladding history
• Previous claims experience
• Strata law in the relevant state or territory (each jurisdiction handles strata differently)

Cover specifics vary by carrier and the risk profile of the scheme. Talk to a broker to scope the right placement.