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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Insurance News

What the Latest Cyclone Pool Signals Mean for Strata Renewals

02 Sep 2026: Paige Estritori

The latest industry attention on Australia’s Cyclone Reinsurance Pool is a useful reminder that affordability reform is only one part of the strata insurance equation. The pool was designed to reduce the cost pressure created by cyclone risk, particularly across northern Australia, where residential strata schemes can face difficult renewal conditions because of wind, rain, storm surge and ageing building infrastructure. - read more

Strata Insurance Articles

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

Strata Insurance, Contents Insurance and Landlord Insurance: What Each Policy Covers

Strata insurance, contents insurance, landlord insurance and standard building insurance protect different things. This guide explains the main differences for Australian apartment owners, unit investors and strata property buyers. - read more

The Role of Executive Committees in Managing Strata Insurance

Strata insurance is a type of cover specifically designed for properties where multiple individuals own individual units within a larger complex. It plays a vital role in protecting these complexes financially by covering buildings and common property from potential risks. For property owners, understanding strata insurance is essential to ensure both compliance with legal requirements and adequate protection of their investment. - read more

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

Knowledgebase

Flood Insurance:
A specific type of property insurance that covers losses and damage caused by flooding.

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