What exclusions, excesses and limits should be checked in a strata insurance policy?

Check exclusions for maintenance, wear and tear, defects, flood, gradual damage, personal contents and unauthorised works. Review standard and event-specific excesses, who pays them, and any policy limits or sub-limits for building cover, liability, temporary accommodation, machinery breakdown and optional covers.

How do valuations and sums insured affect strata insurance reviews?

A reinstatement valuation helps estimate the cost to rebuild or repair insured strata property, while the sum insured is the amount nominated in the policy. If the sum insured is based on outdated or incomplete information, the scheme may face underinsurance risk after a major claim. Reviews should check valuations, building changes, policy limits and relevant state or territory obligations.

How do I file a claim on my strata insurance?

To file a claim on your strata insurance, start by confirming that the event is covered under your policy. Common claims include damage from fires, storms, or vandalism affecting common areas. Review your policy details to understand whatâ€™s included. Next, document the damage thoroughly with photos and gather any relevant information such as incident reports or repair estimates. Contact your insurance provider as soon as possible to report the claim. They will guide you through their specific claims process, which may involve completing a claim form and providing the documentation you've gathered. Ensure you adhere to any timelines stipulated in your policy to avoid delays. It's also a good idea to communicate with your strata manager or committee throughout the process, as they might need to be involved. Keeping clear records and staying informed about your policy can help make the process smoother.

What are the insurance requirements for strata schemes across Australia?

In Australia, each state and territory has specific insurance requirements for strata schemes. Generally, all strata schemes must have building insurance covering common property and shared areas. New South Wales, Victoria, Queensland, and other states typically mandate insurance for public liability as well, which protects against injury or damage claims involving common property. In some states, fidelity guarantee insurance is required to protect against financial mismanagement by strata managers. Building insurance must adequately cover the cost of reinstating or replacing the building, ensuring comprehensive protection. Itâ€™s vital for strata scheme owners and managers to understand and comply with their specific state or territory laws to ensure proper coverage. Regular insurance reviews are recommended to align with changing legislation and property values. If you own or manage a property in a strata scheme, consulting with a qualified insurance professional can help ensure compliance and adequate protection for all owners and residents.

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Insurance News

Why Better Strata Data Is Becoming an Insurance Issue

16 Sep 2026: Paige Estritori

Urbanise’s latest market communication has again highlighted the growing importance of digital systems in strata and facilities management. While the update is not an insurance announcement, it is relevant to owners corporations, body corporates and strata committees because insurers increasingly want clear, current and usable information about the buildings they are being asked to cover. - read more

What the New NSW Disclosure Rules Mean for Strata Cover

09 Sep 2026: Paige Estritori

The latest phase of New South Wales strata reform has brought strata insurance disclosure back into practical focus, moving the issue from policy debate to renewal-season reality for owners corporations. The changes are designed to make it clearer when a strata managing agent, broker, insurer or related party receives a commission, fee or other financial benefit connected with arranging insurance. - read more

Why Insurance Tax Reform Is Back on the Strata Agenda

02 Sep 2026: Paige Estritori

The latest affordability push from Australia’s insurance industry has put state-based insurance taxes back in the spotlight, with renewed attention on how levies and duties can add to the cost of cover before a building’s individual risk profile is even assessed. For strata communities, that debate matters because premiums are usually paid collectively, then passed through to owners via levies. - read more

Why Rebuild Cost Pressure Matters for Strata Insurance

26 Aug 2026: Paige Estritori

Fresh attention on Australia's construction cost environment is a useful reminder for strata communities that insurance adequacy is not just about the premium charged at renewal. For owners corporations and body corporates, the more important question is whether the insured value of the building would still be enough to rebuild, reinstate common property and meet associated professional costs after a major loss. - read more

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Strata Insurance Articles

Strata Insurance Coverage, Exclusions, Excesses and Policy Limits

Strata insurance can protect shared buildings, common property and liability exposures, but the details of a policy matter. This guide explains common strata insurance coverage areas, exclusions, excesses, policy limits, sub-limits and optional covers that owners corporations, strata committees and strata managers should review before relying on a policy. - read more

Strata Insurance Responsibilities for Owners Corporations, Lot Owners and Tenants

Strata insurance can be confusing because different parts of a property may be the responsibility of the owners corporation, individual lot owners, landlords or tenants. This guide explains the usual boundaries and where personal cover may still be needed. - read more

How Strata Insurance Costs Are Calculated in Australia

Strata insurance costs in Australia are shaped by the building, location, claims history, cover choices, excesses, legal requirements and insurer risk assessment. Understanding these factors can help owners corporations and strata committees review premiums more confidently. - read more

How to Make a Claim on Your Strata Insurance: A Step-by-Step Guide

When it comes to strata insurance, making a claim can feel daunting if you're not familiar with the process. A vital first step is understanding what constitutes a claimable event. Typically, these are events that lead to damage or loss in the common areas of a property, such as fire, storm damage, or vandalism. However, each policy can vary, so itâ€™s important to check the specifics of what your coverage includes. - read more

Knowledgebase

Umbrella Policy:
An additional insurance policy that provides extra liability coverage beyond the limits of the insured's primary policies.

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