Strata made simple

Strata Insurance is an essential insurance cover required if you own a unit in a Strata property. But what does it cover you for, and what other insurance policies do you need in place to protect your assets?


To reduce this common area of confusion, below we have covered some of the most frequently asked questions we get about insurance for Strata properties.


What is a building generally covered for under a Strata Insurance policy?

Strata Insurance policies generally cover material damage as a result of an insured peril to the building structure/s, fixed plant, machinery and underground services. The policy also generally extends to provide cover for proprietors’ fixtures, fittings and improvements which form part of the building. Some of these items include built-in kitchen appliances, air conditioners, kitchen cupboards, hand basins, baths, showers, spas and pools in common areas.

How do I determine the replacement value of the building?

Legislation requires that buildings are insured for full replacement and reinstatement value. Whitbread recommends that you obtain a professional valuation at least every 3 years to ensure you have adequate cover on the policy.

What is not covered as part of the building under a Strata Insurance policy?

This policy specifically excludes contents within individual lots such as personal contents, carpets, curtains, blinds, light fittings and electrical appliances not actually wired into the premises. Depending on your circumstances, these items should be insured by a Contents or Landlord Insurance policy.

What other insurance do I need as a Landlord?

As a Landlord you need to arrange Landlord Insurance as a separate policy to the Strata Insurance cover. Landlord Insurance policies generally provide cover for carpets, curtains, blinds, light fittings and any furniture provided within your lot. The policy also provides Liability Insurance protection for any third party personal injury or property damage, for which the lot owner may be legally liable. Landlords polices can also be tailored to provide cover for rent default, malicious and accidental damage by tenants.

What other insurance do I need as an Owner Occupier?

As an Owner Occupier of a lot, you need to arrange Contents Insurance as a separate policy to the Strata Insurance cover. Contents Insurance will cover your personal contents, furniture, jewellery, collections and other special items. Contents Insurance policies also generally provide Liability Insurance protection for any third party personal injury or property damage which the lot owner may be legally liable for.

If you are unsure how much to insure your contents for, obtain an estimate using this online Contents Sum Insured calculator* recommended by Steadfast – simply click here.

If you would like further information on insurance for your Strata property, please contact Whitbread Insurance Brokers:

P | 1300 424 627
E |


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This insight article is not intended to be personal advice and you should not rely on it as a substitute for any form of personal advice. Please contact Whitbread Associates Pty Ltd ABN 69 005 490 228 Licence Number: 229092 trading as Whitbread Insurance Brokers for further information or refer to our website.

*Typical building contents replacement costs are provided by Sum Insured Pty Ltd (A.B.N. 55 947 630 521 (‘SI’) trading as Home Contents. Whilst every care is taken to ensure the accuracy of the information as a guide for costing, no responsibility is accepted by SI, Steadfast or the Steadfast Broker for its accuracy. Please check with a Valuer or other suitably qualified professional for an accurate estimate. Neither Steadfast nor the Steadfast Broker takes any responsibility for the costs provided by SI, or any liability for the accuracy of or reliance upon or use of, the costs. To the fullest extent permitted by law, SI, Steadfast and the Steadfast Broker expressly disclaim all warranties, express or implied, including, but not limited to, the implied warranty of fitness for a particular purpose. SI, Steadfast and the Steadfast Broker do not warrant or make any representations regarding the use or the results of the use of the information provided in terms of its correctness, accuracy, reliability, or otherwise.

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