Business Insurance
Cover for residential, commercial and mixed-use strata
If your apartment or unit shares common areas with other owners, you hold a strata title — and strata insurance is compulsory in every Australian state and territory.
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Strata insurance essentials
- Compulsory in Australia — Owners of strata units don't have the option to refuse cover — it's required in all states and territories.
- Premiums are shared — The premium is divided among the owners of individual units. According to a report from the Insurance Council of Australia, strata premiums are about one-third the cost of cover for an equivalent free-standing dwelling.
- Where your responsibility ends — The strata policy covers common property; the belongings inside your own unit are yours to insure separately.
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What will a strata policy cover?
Strata insurance covers the building and common property — and includes public liability if someone is injured on the property.
The belongings inside your unit aren't covered by the strata policy. Home & contents insurance covers those.
- The building
- Contents
- Shared common spaces
- Lifts
- Wiring
- Car parks
- Swimming pools
- Gardens
- Ceilings
- Floors
- Ducted air conditioning units
- Equipment, fixtures, carpeting and furnishings in common areas
- Your personal belongings within your unit
- Asbestos and asbestos-related problems
- Erosion
- Property fencing
Optional add-ons
Speak with one of our insurance experts about the options that fit your building.
- Fidelity Guarantee
- Cover for losses from misuse of the owners corporation's funds.
- Electrical & Mechanical Breakdown
- Pays when a covered breakdown results in a loss.
- Office Bearer's Liability
- Cover for office bearers facing legal action over another bearer's inappropriate actions.
- Voluntary Workers' Personal Accident
- Pays for losses incurred by a worker volunteering for the property owner.
Commercial & mixed-use strata
- What is commercial strata insurance? — If your business operates in a divided building under a strata title, commercial strata insurance covers the common areas of the building where your company is located. It's compulsory across Australia, so it's worth confirming you're properly covered.
- What does commercial strata cover? — Three core protections: building and common contents against physical loss or damage; legal liability for personal injury or property damage; and machinery breakdown for lifts, boilers and electrical machinery.
- What about mixed-use strata? — When a building combines residential and commercial use, a mixed strata policy covers the common areas from both perspectives — suitable for residential retail, commercial retail and mixed commercial properties.
From our clients
“Our dealings with KeyInsure have always been very friendly and helpful, also very quick response and professional advice. Pretty sure they save us money on our insurances also. Thank you.”
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General advice only. Consider the relevant PDS & TMD before acquiring any product.