If you are an owner of a townhouse, unit, apartment or strata business, and you share common space with others, Strata Insurance is required. It is mandatory to hold strata insurance which conforms to each state’s relevant legislation. It covers shared contents and damage to the building. Safeguard Insurance Solutions is well placed to be your Strata Insurance broker. A tailored strata insurance product will protect the building’s common areas or facilities with the premiums paid for by the owners’ corporations (also known as the body corporate).
Residential strata insurance is compulsory in every state. Strata groups can include townhouses, units, flats, apartments or duplexes. Business owners who work in a strata building should also consider Strata Insurance.
Cover is usually managed by an appointed strata manager, and in some instances an insurance broker can take care of it on behalf of the owners’ corporation.
As with any policy there are exclusions. There is also often a deductible or excess and limits on cover so check with us to further investigate these on your behalf.