What is Commercial / Domestic Strata Insurance Insurance?
Strata title is a system of property ownership where individuals own a specific unit or apartment within a larger complex, with shared ownership of common areas. Strata Title Insurance (also known as body corporate insurance) is a specialised form of property insurance which provides protection for residential properties managed under strata title legislation or a body corporate entity.
What Does Commercial / Domestic Strata Insurance Cover?
Strata title insurance generally provides coverage for:
- Buildings, including common property such as lifts, pools, car parks, gardens etc.
- Contents for common areas
- Public Liability in the event that people are injured on common property
- Legal Liability
- Fidelity guarantee – protection for the strata scheme from losses due to fraudulent activities by those managing the property
Who needs it?
Strata Title insurance provides protection for the Strata Scheme, financial security for individual property owners, and helps the Strata Scheme comply with legal and contractual obligations.
You should consider getting Strata Title insurance if:
- You own a property within an apartment block
- You own a townhouse, villa, duplex, factory, warehouse or storage unit
- You own a retail shop or office
