Strata Insurance

Ensure the Protection of Your Property with our Strata Insurance. Explore Coverage Options, Policies, and Requirements in Our Comprehensive Guide for Property Owners and Managers.

As the Australian population grows, so does the requirement for high-density living, such as apartment complexes. Most of these property types are strata titled, which requires a particular type of insurance, in order to cover their broad range of exposures.

As most strata properties (residential and commercial) have shared common property, such as driveways and plumbing, it is necessary to have an insurance policy that covers the entire asset.

A strata property is not only comprised of a building and common property, there is also a strata corporation (or committee) that oversees the strata complex and protects the rights and interests of the owners. These committees also have legal liability exposures, much like a company board of directors. Thankfully, all strata insurance policies have a section tailored to provide protection for these legal liabilities.

Property damage coverage protects against damage to the building and common areas, as well as any loss of rent incurred due to the damage. Liability insurance protects the strata corporation against potential legal actions, whilst loss of rental income coverage provides financial security in the event of property damage rendering the property uninhabitable.

Legislation varies in each state, however each state has some form of legal requirements which stipulate comprehensive strata insurance as mandatory for strata properties. Strata building insurance coverage ensures the protection of property owners, and the strata corporation.

Several factors influence the cost and extent of strata insurance coverage. The location, size, age, and type of strata property are key determinants. For instance, a larger, older property located in a high-risk area may attract higher premiums.

Potential risks also significantly impact insurance premiums. Fire, flood, and liability claims, amongst others, increase risk exposure, thereby escalating insurance costs. To mitigate these risks, property owners are advised to implement proactive maintenance strategies and strict safety measures, which can lower premiums without compromising on coverage.

Understanding strata insurance is crucial for every strata property owner and manager. By identifying influencing factors, recognising potential risks, and implementing cost-saving measures, strata insurance can become an asset rather than a liability. Trust Trident Insurance to guide you through the complexities of strata insurance and provide you with the best coverage for your needs.

How Can Trident Assist you with Strata Insurance?

Whether you’re a strata property owner or a strata manager, acquiring comprehensive strata insurance is a crucial step to protect your investment and satisfy legal requirements. Trident Insurance, as a leading strata insurance broker , is committed to helping you navigate the complexities of strata insurance.

Our strata insurance policies are tailored to meet your specific needs, taking into account your property’s unique factors. We strive to provide a personalised approach to insurance, ensuring you’re adequately covered against property damage, liability, and loss of rental income.

To gain a clear understanding of the costs involved, Trident Insurance offers a straightforward process to receive a strata insurance quote. Our team of experienced professionals is on hand to guide you, ensuring transparency and confidence in your coverage choices.

Furthermore, we’re ready to help you implement effective risk mitigation strategies and proactive maintenance plans to potentially lower your premiums, while maintaining the highest standard of coverage.

Don’t leave your strata property’s protection to chance. Engage with Trident Insurance today, to ensure you have the optimal level of cover for your strata complex. Your peace of mind is our priority. Contact us now for your customised strata insurance quote.

Summary of various Coverage Solutions Trident can help within a Strata Policy

Property: Covering damage to the building and common property, plus the loss of rent incurred, due to the damage caused.

 Voluntary Workers Personal Accident: In the event that an individual is injured whilst working on the property and they do not meet the requirements of Workers Compensation Insurance, this section will pay a weekly amount for their lost wages and also a nominal amount for a permanent impairment or death.

Office Bearers’ Liability: This section protects the legal liability of the Committee following a wrongful act by one of the Committee members.

 Fidelity Guarantee: Should someone from the Committee steal funds from the Strata, this section will provide compensation for the amount lost, as per the terms of the policy. 

Equipment Breakdown: Provides protection against breakdown of electrical and mechanical items, such as elevators and air conditioners.

Public Liability: This section provides cover if a member of the public is injured, or if property damage occurs on the property, due to the negligence of the strata.

Legal Expense cover: Covers the legal defence cost for matters brought against the Body Corporate, such as a regulatory audit or workplace health and safety breach.