Strata Insurance Broker – Protecting Shared Spaces
Strata Insurance Broker – Protecting Shared Spaces
Blog Article
Strata properties bring shared ownership—and shared risks. From roof leaks and fires to liability claims in communal areas, having the right strata insurance is critical. A dedicated strata insurance broker ensures all common property is covered and that compliance with NSW regulations is met.
What is Strata Insurance?
Strata insurance covers shared or common property in a strata-titled property. This includes stairwells, roofs, garages, and driveways, and protects against loss or damage due to events like storms, fire, theft, and water leaks.
What It Typically Covers
- Building Structure: Including fixed plant, wiring, and windows
- Common Area Liability: Injuries in areas like lobbies, staircases, or parking lots
- Temporary Accommodation: For unit owners if a property is uninhabitable due to damage
- Office Bearers’ Liability: Protection for committee members
- Machinery Breakdown: For elevators and gates
Exclusions
- Contents of individual units
- Wear and tear or poor maintenance
- Defects (unless covered by LDI)
Strata Law in NSW
Under the Strata Schemes Management Act, it is mandatory for owners’ corporations to hold insurance for the building and public liability of at least $20 million. Brokers help ensure these legal minimums are met.
Case Study: Central Coast Apartment Block
A fire damaged several levels of a building. Thanks to a broker-negotiated strata policy, all shared areas were restored quickly, and unit owners received alternative accommodation payments.
Why Use a Broker?
- Compare policies for cost and coverage
- Tailor excess levels and inclusions
- Coordinate between committee members and insurers
The HMD Difference
HMD brokers manage strata insurance across small complexes to high-rise towers. We streamline renewals, handle claims, and educate committees.
Conclusion
Strata insurance isn’t just about ticking a legal box—it’s about peace of mind. HMD delivers protection that’s fit for purpose, cost-effective, and fully compliant.