Strata insurance
Strata insurance
We are specialists in arranging competitive insurance for strata buildings.
Insurance for strata titles properties
Strata insurance provides cover for all common property managed by the owners corporation (also known as the body corporate). It is not just limited to repair and replacement of physical property in the event of damage but also provides for compensation claims to be made regarding incidents that may occur on the strata title property.
All states require strata committees to maintain adequate strata insurance to protect the owners corporation, the individual owners of the lots which make up the scheme and those who live, visit or interact with the building.
Since 1978, CHU has been focused on insuring strata title properties in all states of Australia. We offer residential strata insurance and commercial strata insurance.
What does our Strata Insurance cover?
Our strata insurance covers residential and commercial buildings within a complex and common areas such as garages, sealed driveways, and swimming pools in the event of loss or damage. CHU’s strata insurance provides cover for the structure of the building in case of malicious or accidental damage and even protects you in the event of a major disaster such as fire or storm.
It is also compulsory for strata insurance in all parts of Australia to provide liability cover if people are injured on common property.
CHU Strata Insurance offers cover for:
Damage to the building and common area contents
Legal liability to others in the event of personal injury or property damage
Protection for voluntary workers
Fraudulent misappropriation of funds
Office bearers’ legal liability
Machinery breakdown
Catastrophe insurance
Government audit costs
Appeal expenses and legal defence expenses
Theft of common area contents
Types of strata we cover
Residential Strata Insurance
Residential strata insurance is compulsory for most strata title properties in all states in Australia. Though specific regulations vary by state and territory, this insurance covers common areas listed on the property’s title, such as lawns, driveways, lifts and pools. It provides protection against a range of incidents including theft, storms, water damage, fire and both malicious and accidental damage. Additionally, strata insurance includes liability coverage to handle potential personal injury claims related to the insured property. This ensures all common spaces and the associated risks are adequately safeguarded under one policy.
Commercial Strata Insurance
Commercial strata insurance is specifically designed to protect common areas as outlined in the property’s title for properties for all types of industry including office buildings, shopping centres or industrial estates. Additionally, insurance for commercial properties includes liability coverage to address any personal injury claims associated with the insured common property. This approach ensures that both physical assets and potential legal liabilities are covered under the one policy.
Mixed Properties
Does your building have both residential and commercial tenants?
CHU Commercial Strata Insurance is designed to cover the needs of mixed-use buildings, even where your property only has a handful of commercial tenants.
Where 20% or more of a mixed use scheme is used for commercial purposes, a commercial strata policy is issued. Where this percentage falls below 20%, the residential policy is used.
Repairs, recovery and replacement are covered in our strata insurance
Our specialised strata insurance plan covers the owner’s corporation for the cost of damage and repairs to:
Cover for the building structure fabric itself
Repairs following accidental or malicious damage to common areas and common property
Repairs to common area equipment and common appliances such as shared laundry equipment, lifts and swimming pools
Cost of replacing stolen contents owned by the corporation such as lobby furniture
Recovery after a major disaster including emergency accommodation
Different laws govern different states
CHU covers over 100,000 strata properties across Australia but, because we have local offices, we’re able to keep across each state’s unique requirements as part of our service.
Frequently Asked Questions
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