What strata insurance requirements apply in each Australian state and territory?

Most Australian strata schemes must insure common property and relevant buildings and hold public liability cover, but the responsible entity and exact requirements vary by state or territory. Check the scheme's legislation, plan type, by-laws and policy wording, and seek professional advice for complex schemes.

When should you use a broker for strata insurance claims?

You should consider using a broker for strata insurance claims when the claim process becomes complex or if you're unfamiliar with insurance details. Brokers specialise in navigating the intricacies of strata insurance, which can cover various communal features like buildings, gardens, and pools. When multiple parties are involved, such as in a strata property, it can be beneficial to have an expert who understands the policy's scope and can effectively manage negotiations with insurance companies. A broker can help ensure that you are fairly represented and that you receive the rightful benefits from your policy. They can collate necessary documentation, provide professional advice on claims strategy, and help expedite the process, reducing time and stress for owners. Involving a broker is particularly useful for large claims or in situations where there might be disagreement among strata members.

What is the role of executive committees in strata insurance management?

Executive committees play a crucial role in managing strata insurance by overseeing the procurement and maintenance of the insurance policy. They are responsible for ensuring the complex is adequately covered, complying with legal requirements, and protecting the interests of all unit owners. The committee evaluates insurance needs based on risks specific to the property, such as fire, flood, or structural damage, and liaises with insurance brokers for the best coverage options. Additionally, they review and update the policy regularly to reflect any changes in the complex or legislation. By effectively managing these responsibilities, executive committees safeguard the financial well-being of the strata community and ensure that all common areas and shared amenities are covered. This proactive management helps prevent potential losses and disputes among owners, ensuring a safe and cooperative living environment within the strata complex.

How does the sum insured affect strata insurance premiums?

The sum insured can affect strata insurance premiums because it helps represent the insurer's potential exposure if the building or common property is damaged. A higher sum insured may increase the premium, but setting it too low can create underinsurance risk. Premiums also depend on factors such as location, claims history, building condition, occupancy, excesses and insurer criteria.

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Strata Insurance Articles

Decoding Strata Insurance: Key Terms and Perspectives

Strata insurance is a vital component of property ownership in Australia, particularly for those involved in apartment living or owning units within a shared building. It provides financial protection against various risks, ensuring that common areas, building structures, and shared amenities are covered in the event of damage or loss. This type of insurance is not just a safeguard for individual owners but a legal necessity, mandated by Australian law. - read more

When to Involve a Broker: Navigating Insurance Claims in Strata Properties

If you own a strata property, understanding your insurance is crucial. Strata insurance is a specific type of cover that protects shared and common property under a strata title or body corporate arrangement. This can include everything from the building itself to shared driveways, gardens, pools, or car parks. - read more

How Sums Insured and Replacement Cost Valuations Affect Strata Insurance

The sum insured and replacement cost valuation are two of the most important figures in a strata insurance policy. They influence premiums, help determine whether cover is adequate, and can affect how a strata scheme responds after a major loss. - read more

Strata Insurance Requirements by State and Territory in Australia

Strata insurance requirements in Australia vary by state and territory. This guide explains the core obligations for owners corporations, bodies corporate and strata companies, including building cover, common property, public liability and practical compliance checks. - read more

Knowledgebase

Insurance broker:
An agent acting on behalf of the insured (not the insurance company) who negotiates the terms and cover provided by the insurer in the insurance policy.

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