What is Strata Insurance?
Strata Insurance is a specialised insurance product created to insure common property. Strata Insurance Policies are also designed to help the strata committee ensure that the insurance is compliant with the relevant state Strata Legislation.
Residential Strata Insurance or Commercial Strata Insurance generally covers common property as defined within the title. For example, walls, balconies, windows, roofs, floors, pools, driveways etc. The premium is typically shared between each owner and generally is incorporated into their body corporate fees.