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.
Residential strata
Commercial strata
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
Residential strata
Commercial strata
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
Residential strata
Commercial strata
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.
Commercial strata quoteSee the commercial cover
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.
Residential Strata Insurance Information By State:
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Residential Strata Insurance Information By State
Different laws govern different states
CHU covers over 100,000 strata properties across Australia. Because we have local offices, as part of our service, we’re able to stay apprised of each state’s unique requirements.
Strata Insurance New South Wales
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).
Strata Insurance Victoria
In Victoria, owners corporations are mandated to fulfill various obligations and duties as per the Owners Corporation Act 2006 and associated legislation.
Strata Insurance Queensland
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).
Strata Insurance Western Australia
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.
Strata Insurance South 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.
Frequently Asked Questions
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What is strata insurance?
Strata insurance covers shared buildings and common property owned by the owners corporation (body corporate). It typically includes the building structure and common area contents (lobbies, lifts, sealed driveways, pools) and includes liability cover if someone is injured on common property.
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What should I read to understand the features, benefits and risks of this insurance?
Start with our Financial Services Guide (FSG), the Product Disclosure Statement (PDS) and the Target Market Determination (TMD). The FSG explains our services; the PDS outlines inclusions, limits and exclusions; and the TMD explains who the product is designed for.
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Can I make changes to my insurance policy?
In many cases, yes. Changes like sum insured or excess can be requested and may affect your premium. Some adjustments aren’t possible after the policy inception date. Please review your quote or renewal invitation and contact us to discuss any changes.
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Can I split the payment among the other owners?
Yes, CHU can accept part payments from individual owners against one invoice. We issue a single tax invoice; the main contact should share it with owners. Use the correct reference number so each payment is allocated properly.
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What happens if I cannot answer some of the questions in the quote online or do not know some details?
Contact our team and we can guide you on what information is required.
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Is strata insurance compulsory in Australia?
Yes. Strata insurance is a legal requirement in all states and territories, though the minimum liability limits and mandatory inclusions vary by jurisdiction. In certain states, smaller strata schemes — often two or three units — may not be required to hold insurance, but having coverage can still provide significant value.
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What does strata insurance typically cover?
It covers the building structure and common property such as lobbies, stairwells, lifts, sealed driveways, pools, carparks and gardens. It also provides liability cover and may include additional protections like machinery breakdown or office bearers’ legal liability.
- Does strata insurance cover personal belongings inside my unit?
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What types of properties can CHU insure?
CHU insures residential, commercial and mixed-use strata properties and community associations. This includes apartments, townhouses, villas, offices, shopping centres and industrial estates.
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How does CHU handle mixed-use strata buildings?
If 20% or more of the strata scheme is used for commercial purposes, a commercial strata policy applies. If less than 20% is commercial, a residential strata policy is issued.
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Are building defects or general maintenance covered?
No. Strata insurance does not cover construction defects, wear and tear, or poor maintenance. It is designed to cover insured events such as fire, storm or water damage.
