As any strata manager worth their salt knows, multiple ownership schemes can be endlessly complex. With factors like the composition of the property’s use type (residential, commercial, or mixed use), plus physical characteristics of the building like size, age, and location creating highly specified strata agreements, insurance solutions must flex and fit to the needs of the collective ownership.
As a niche insurance product, many policies are offered only through brokers, so it’s good to know Burstows have access to all the major insurers, providing strata managers and body corporate committee members with multiple quotes and options for cover.
Strata title properties can be large, complex, and expensive to rebuild or repair in the event of accident, natural disaster, or malicious damage. It’s crucial that body corporate committees and building owners provide effective cover that ensures a property can be restored to a fit-for-purpose condition as quickly as possible after something goes wrong.
Apartment owner-occupiers, commercial or residential landlords, and businesses owners who operate out of a premises they own, all face massive disruptions to their lives and livelihoods when structural damage occurs. Whether it’s a burst pipe, leaking roof, or a crack in the foundations, effective strata insurance gives residents and owners peace of mind that if the property is compromised, help is on its way. We can even help with extra inclusions like 24/7 access to emergency “make safe” repairs and covering the cost of alternative accommodation while work takes place.
Have a pool area, gym, or other common area within the strata property? Given the high usage and exposure to traffic of these sorts of amenities, and other shared facilities like lifts, stairwells, and gardens, it’s smart to ensure they’re adequately insured against accidents, wilful damage, or theft of valuable assets.
For residential properties with significantly valuable common facilities like pool furniture, BBQ areas, and expensive gym equipment, it can pay to consider extra contents coverage to cover repair or replacement when things break or “go missing”. Similarly, commercial strata insurance can safeguard against the cost of repairs to elevators, driveways, or even that fancy example of corporate art in the lobby.
Owners’ corporations in Australia are required by law to insure against costs associated with personal injury or third-party property damage that occurs on common property, for which the strata plan may be held responsible. Given the size and high footfall to many strata properties – especially commercial ones – robust public liability is critical to ensure funds are allocated for legal costs and compensation for third parties who suffer harm to their person or property.
Whether a visiting friend slips and breaks their ankle in the lobby of an apartment complex, a contractor’s ute windscreen is smashed by a falling wall tile, or something more drastic, public liability must be in place to cover the substantial costs of any ensuing claims.
Strata managers and body corporate committees shouldn’t overlook coverage for legal expenses that may arise from disputes with third parties outside of public liability cases. Whether it’s chasing up contractors over faulty workmanship or a disagreement with a neighbouring property regarding boundaries, taking the legal route always carries considerable cost in the short to medium-term.
Factoring in legal liability into your premiums provides funds for hiring legal representation and covers court fees, mediation costs, and other expenses. Without it, owners’ corporations might struggle to retain quality legal counsel, leading to poor outcomes for the collective ownership and individual lot owners.
With surging inflation and material inputs raising the cost of building estimates, strata insurance premiums have risen dramatically in recent years. For strata managers and body corporate committees to ensure optimum value for individual lot owners, it’s essential to regularly review your strata coverage.
Our strata insurance brokers have access to all the major insurers and their exclusive broker-only products. We work on your behalf (not for the insurers), and drive a hard bargain to potentially save you up to 20% on your current coverage.
To help you better understand your risk profile and ensure common-sense cover, we:
To help you settle on the right risk transfer solution, we:
To help you maintain your coverage and support you when things go wrong, we:
While we work with all the major insurance brands, we work for you – the owners corporations and the strata managers that work on their behalf. We provide transparent advice and energetic advocacy from the point of policy selection through to managing claims when things go wrong.
Strata insurance is complex, with many moving internal parts and evolving externalities. As brokers, we regularly review your policies and explore the full range of options to find the best price. We’re 100% transparent on our fees, which are reasonable and fully disclosed in our quotes.
When your strata property is damaged and in a state of disrepair from an insured event, it’s good to know that as your broker, we’ll be on the scene early to provide practical and moral support. We can also provide access to a 24/7 emergency repairs hotline through the Johns Lyng Group to ensure things are made safe and habitable ASAP.
Get a free comprehensive analysis of your current cover, expose your risk areas, and find the best alternative to correct them. Our expert insurance advisors will hand craft a detailed report (valued at over $500) to show you what you’re really covered for.
All you need to do is let us know what your current cover is. We’ll handle the rest.
Detailed summary of your current cover and exposures, based on a thorough review by our team.
Access to a reduced rate professional insurance valuation, ensuring your asset doesn’t join the 83% of other strata properties that are undervalued.
Market-wide policy comparison, to show you your options.
Flood mapping, for clarity on your level of risk.
While requirements differ between the different Australian states and territories, there are some standard requirements. Prime among them is public liability cover, which is mandatory in all jurisdictions.
Generally speaking, all Australian strata schemes must provide insurance for the cost of reinstatement/replacement of buildings. Queensland and Victorian legislation require valuations be conducted every 5 years to ensure the total insured sum is an accurate reflection of the full replacement cost.
Premiums for commercial strata scheme properties are calculated based on several factors to accurately reflect the level of risk involved. These factors may include the size and complexity of the property, the location and occupancy type, the sum insured, and any additional coverage options selected. Additionally, considerations such as the construction materials used, security measures in place, and past claims history may influence the premium.
