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Strata Insurance

Residential Strata Insurance (Body corporate Insurance) is specifically designed for Strata Titled properties. Properties of this nature have specific insurance requirements that cannot be catered for under standard home policies.

Why is this cover important?

Having the right Strata Insurance policy is often required by relevant State or Territory legislation and especially in the event of a claim.

There are many benefits with taking out a Residential Strata policy with Austbrokers Comsure, including expertise, advice, risk management, claims service and the range of policies we have access to. When you have a claim, you want to make sure you are covered correctly, and you want the process to be seamless.

Austbrokers Comsure are experts in Residential Strata Insurance and we urge Strata unit owners and body corporate committees to consider the following points:

Every strata building is different, and faces different risks which need to be taken into account when considering Residential Strata Insurance cover.
Residential Strata insurance policies vary, and care needs to be taken to ensure the insurance policy matches the needs of the property.
The amount of cover (the sum insured) needs to be adequate and appropriate for the building and its risks, or strata owners could be significantly out of pocket if a major loss occurs. In order to determine the correct amount of cover, the body corporate committee must obtain a full building valuation at least every 5 years (or as often as may be required by local legislation). The limit of cover should also be reviewed each year (in between valuations) to take account of inflation in the cost of building and repairs.
The high cost of strata insurance in North Queensland is driven by the risks faced in the region – insurers have paid out $1.40 in claims for every $1 received in premiums in North Queensland in recent years, according to a Government Actuary report in 2014.
Cheaper strata insurance cover bought directly could well be a false economy if it means you’re not properly covered in the event of a loss or claim.

What can strata insurance cover?

When it comes to residential strata property, you need an expert Insurance Adviser on your side. Austbrokers Comsure has access to a range of Residential Strata Insurance cover available, which enables us to deliver you the best Insurance solutions for your needs.

A Residential Strata Policy covers you for a range of insurable events, including but not limited to the following:
Building / Common Contents
Covers loss or damage to insured property, including damage caused by cyclones, storm surge and floods. It is important to note however, that flood is not automatically included.
Legal Liability
Covers up to $20 million legal liability arising out of your ownership.
Personal Accident (Voluntary Workers)
Offers a loss of income benefit to a voluntary worker insured whilst working for you in an unpaid capacity.
Fidelity Guarantee
Protects body corporate funds against embezzlement or fraud by a committee member.
Office Bearers Liability
Provides protection for office bearers held legally liable for wrongful acts, such as providing property managers with incorrect instructions or failing to exercise due care when negotiating on behalf of the unit owners.
Catastrophe Cover
Following a significant event that causes widespread property damage, it is common that building costs increase, with the result your building sum insured may then prove inadequate.

Why us?

When you take out Residential Strata Insurance with Austbrokers Comsure, you will immediately have access to our expert claims team for personal service on claims, and our experienced Advisers for advice on Risk Management.

  • Austbrokers Comsure’s claims team has been recognised as an industry leader (“quoted by a prominent insurer”). This has huge benefits within the Strata Community. We work with unit owners and partner with Strata Managers, delivering exceptional outcomes.
  • We have access to many product features and benefits, some of these benefits are:

• Optional additional 15% Catastrophe cover
• Strata Manager Defence Costs
• Optional Flood Cover
• Storm Surge cover resultant from named cyclone

Frequently Asked Questions for Residential Strata Insurance (Body Corporate Insurance)

I found a really cheap quote online, why is it so cheap?

Insurance is like any other product, you pay for what you get. There are many different insurers offering policies in different shapes and forms.

Service is extremely important.

This is the difference between a claim being paid out over night and a claim being paid out painstakingly over a year. Cheap premiums are on offer because costs are being cut elsewhere.

Coverage is also extremely important.

This is the difference between your claim being paid out or not paid out at all. Quite often, this results in financial burden in the long run.

What are “Lot Owner’s Improvements”?

Any new fixtures installed by a Unit Owner or any upgrade made by a Unit Owner to an existing fixture, that results in its replacement value being more than its replacement value immediately prior to the improvement.

Being for the Unit Owner’s exclusive use, and permanently attached to/fixed to your Insured Property, therefore to become legally part of it.

Can I pay my premiums by the month?

Yes. All insurance offered by Austbrokers Comsure can be paid by the month through premium funders. If you chose to use the premium funder’s service, your monthly instalments will be tax deductible.

What other insurance do I require?

If you live in your property as the owner occupier, you should take out Contents Insurance.

If you are renting out your property, you should purchase Landlord Insurance.

What factors contribute to the premium?

Some common factors contributing to the premium include:

  • Government taxes (stamp duty and GST)
  • The age and condition of the building
  • Replacement cost
  • The location
  • Claims history
  • The level of cover and costs of common property
How do I make a claim?

As your Adviser, you will always contact Austbrokers Comsure in the first instance and we will guide you through the claims process as this can vary from insurer to insurer.