Common area contents are items owned by the Owners Corporation that are located in shared spaces.
Examples include:
- Garden furniture in courtyards
- Curtains or blinds in communal areas
- Fire extinguishers and shared appliances in common areas
Permanent fixtures like driveways and letterboxes are covered under the building sum insured, not contents.
Fidelity Guarantee is cover for the Body Corporate in the event your funds are misappropriated during the period of insurance. Whilst only required by legislation in South Australia, Fidelity Guarantee forms part of CHU’s specialised cover and is standard on all Residential Strata policies.
It covers you if your home becomes uninhabitable after an insured event. CHU will cover reasonable accommodation costs for owners living in their lot. If you rent out your unit, this cover also protects your rental income if tenants need to vacate.
No. Strata insurance does not cover defects, wear and tear, or poor maintenance.
It is designed to cover sudden and unexpected damage (e.g. fire, storm or water damage), not ongoing maintenance or construction issues.
Yes. Exclusions are detailed in the Product Disclosure Statement (PDS).
- There are exclusions that apply to the entire policy (general exclusions).
- Additionally, there are other exclusions that are specific to certain covers within the policy (specific exclusions).
In some cases, additional exclusions may be applied depending on your building’s situation. Review your policy carefully and contact us for information on any other specific exclusions.
The starting point for your property excess depends upon the building sum insured value of your building.
- Building sum insured under $2M → $1,000 excess
- Over $2M → $2,000 excess
- Over $50M → $5,000 excess
However, these excesses may be amended or others imposed for underwriting reasons such as claims history, defects, or other risk factors.
For excesses not imposed by us, owners can adjust the excess they are willing to pay which will impact on the overall premium payable.
No. Strata insurance does not cover your personal property inside your unit. You need separate contents insurance to protect belongings like furniture, appliances, clothing, and valuables. Residential Strata Insurance only covers the building structure and shared common areas.
Strata insurance is arranged by the Owners Corporation (body corporate), not individual owners.
- All lot owners’ contribute to the premium through strata fees.
The policy covers the whole building and shared property on behalf of the group
In most cases yes. Strata legislation in all states and territories requires Residential Strata Insurance, but specific requirements vary.
The cost is shared between lot/unit owners and managed by the Owners Corporation (body corporate). Strata insurance can cover many types of dwellings including:
- Townhouse
- Unit/Flat
- Apartment
- Duplex
Strata insurance covers common property and shared areas in strata-titled properties, while home insurance covers individual units or houses. Strata insurance also typically includes liability protection for the body corporate and its members.