What is strata insurance?

In New South Wales, owners corporations shoulder the responsibility of managing five fundamental aspects of their scheme: property, finances, insurance, records and building defects, as mandated by the Strata Schemes Management Act 2015 No 50 (NSW).

In Victoria, owners corporations are mandated to fulfill various obligations and duties as per the Owners Corporation Act 2006 and associated legislation.

In Queensland, the responsibility for maintaining and securing common areas rests with bodies corporate and community title schemes, as outlined by the Body Corporate and Community Management Act 1997 (Qld).

In Western Australia, the responsibility for covering the costs of maintenance and repair of common property, alongside managing public liability within common areas, falls on strata companies. There are significant reforms underway regarding shared and community titles in Western Australia.

In South Australia, the task of managing the safety and maintenance of common property rests with strata schemes and community corporations, as per the Strata Titles Act 1988.