Strata Cover Australia Strata Insurance Calculator

Our Strata Insurance Calculator helps Australian owners corporations, strata committees and body corporates estimate a practical strata building sum insured by itemising what it would cost to rebuild and reinstate the property after a major insured event. This matters because underinsurance can leave lot owners exposed to special levies, delays in repairs and gaps against lender requirements, while overinsurance can push premiums higher than necessary. The calculator totals the values you enter and adds key allowances such as professional fees, debris removal and an inflation or contingency buffer.

How to complete the form for the best result

1. Choose Scheme type: Select Residential, Commercial or Mixed-use to match how the building is used.

2. Add No. of lots and Property address (optional): These help your internal records and quoting conversations, but do not change the maths if left blank.

3. Select GST treatment: Choose GST-registered to view totals excluding GST, or not GST-registered to view totals including GST. Confirm your tax status with your accountant if unsure.

4. Itemise replacement costs by section using the Add buttons:

Main building structure: Include primary structures, basements, carparks, roofs, facades, lift shafts, stairwells, lobbies and internal service risers.

Common facilities: Include items such as lifts, pools, gyms, BBQ areas and plant rooms.

Essential systems and services: Include fire systems, security, switchboards, pumps, solar arrays, generators and underground services.

External structures and siteworks: Include fences, driveways, retaining walls, letterboxes and landscaping.

Common contents (optional): Add lobby furniture or shared equipment that you want covered as contents rather than building works.

Tip: Use realistic “today’s rebuild” figures (not market value and not land value). If available, reference a recent insurance replacement valuation.

5. Enter Allowances: Add professional fees, demolition and debris removal, then your inflation or contingency buffer to reflect cost escalation and uncertainty.

How to interpret results

After selecting Calculate recommended sum insured, compare the recommended total with your current policy sum insured to identify potential underinsurance. Use the JSON summary to share inputs with your broker or insurer for quoting and audit trails. Remember this tool is an estimate only and not a quote or personal advice; consider the relevant PDS and seek help from a licensed adviser or broker for your circumstances, including liability limits and optional covers.