Residential strata insurance, also known as body corporate insurance, covers the common or shared property under the management of a strata title or body corporate entity. More often than not strata insurance is required by law, as specified under each state’s legislation.
Every building is unique and faces different risks, which need to be taken into account. By working closely with you and helping you make smarter decisions about your insurance, we can help you mitigate your risks, reduce unnecessary costs and save you from taking out ineffective cover and underinsuring your strata building.
Depending on the requirements of your building, an effective strata policy should cover:
- Building and Common Contents
- Legal Liability
- Fidelity Guarantee
- Personal Accident (Voluntary Workers)
- Machinery Breakdown
- Officer Bearer’s Liability
- Body Corporate Costs
This is of course dependent on a number of factors. Prior to taking out an insurance policy, we recommend that you seek appropriate, and impartial, advice to understand your individual risks and how to manage them. You will need to ensure you are up to date with all relevant regulation and local laws and that you have calculated all costs involved, especially regarding major building damage and rebuilding factors (Is the sum insured accurate? How much is needed for removal of debris, professional services and site specific costs? Are you aware of any new building standards in the area?).
Experts in all things Strata
Given many strata buildings have complex constructions and machinery, as well as a large exposure to legal liabilities and office bearer risks, finding comprehensive and well priced strata insurance can be challenging, especially without the help of a broker or strata insurance specialist.
Luckily for Strata Managers, our team comprises of individuals with extensive experience and deep knowledge of all things strata, including property risks, legal liabilities and relevant litigation. Drawing on our unique blend of strata and insurance knowledge, we can design and implement a unique insurance program centred on your requirements.
We are heavily involved in the property marketplaces and keep our ears close to the ground at all times, which allows our team to make decisions based on the latest market intelligence.
By leveraging data, both internally and through our extended network, we can predict industry trends and prepare for emerging risks, educating our clients ahead of time and keeping them informed.
Through years of involvement, we have built strong partnerships with reputable insurers and industry bodies, allowing us to offer best-in-class policies and expert advice. As a result, the Strata Managers we work with benefit directly from our relationships and knowledge, and have access to exclusive programs that may otherwise not be available.
Dedicated and unified strata claims team
Strata policies, on average, experience a claim every 12-18 months, 3 times the frequency of standard household policies. For this reason, when it comes to making a claim, you will want a team of dedicated specialists negotiating on your behalf. And it’s no secret that your claim is more likely to be paid, and at a higher amount, when partnered with a broker.
We are proud of the fact we have an in-house, legally qualified and dedicated claims team for Strata. Our Strata Claims Team operate as a unified force, working closely with brokers, customer service representatives and our executive suite, in order to bring you a timely and satisfactory response to your claim.