1. What is Strata Insurance?
Strata Insurance is designed to protect you and your property as a lot owner. It provides general insurance cover for common property under the management of a strata title or body corporate entity.
The premiums for Strata Insurance are typically shared amongst the lot owners as part of their strata fees and levies.
2. Is Strata Insurance mandatory?
Holding Strata Insurance is mandatory under each state’s relevant strata legislation. However, each state and territory has different legislative requirements that deal with insurance for strata title properties.
You should always check that your insurance meets those legislative requirements. If your property is professionally managed, your Strata Manager will usually arrange this insurance on your behalf.
Read the full article