What factors affect the cost of strata insurance for multi-unit developments?

The cost of strata insurance for multi-unit developments is influenced by several key factors. Firstly, the building’s location plays a significant role, as areas prone to natural disasters or high crime rates may have higher premiums. The age and condition of the building also matter; older buildings or those needing repairs may incur greater costs. Additionally, the value of the building and its common areas, such as pools or gyms, affects the insurance price. Security features like alarms and surveillance systems can help reduce costs, while claims history impacts premiums—more claims may lead to higher insurance costs. Lastly, the level of cover selected, including the extent and types of risks covered, will also determine the price. By understanding these factors, you can better anticipate and manage the cost of strata insurance for your property.

Can mixed-use properties obtain strata insurance coverage?

Yes, mixed-use properties can obtain strata insurance coverage. Strata insurance is designed for buildings under a strata scheme, which can include properties with both residential and commercial units, like apartments with ground-floor shops. This insurance covers common areas such as lobbies, gardens, and swimming pools, and protects the owners' corporation against a range of risks, including liability for shared spaces. It's essential for mixed-use properties because it addresses the unique needs of managing both residential and commercial components. However, it's crucial to ensure that the policy specifically covers the particular requirements of your mixed-use property, as these can vary. Consulting with a specialised insurance broker can help tailor the coverage to suit your property's needs. Overall, strata insurance provides essential financial protection, helping manage risks and responsibilities associated with maintaining shared areas in a mixed-use development.

What are the benefits of bundling strata insurance with other policies?

Bundling your strata insurance with other policies offers several benefits that can save you time and money. By combining policies, you may qualify for discounts, reducing overall insurance costs. This approach simplifies management by consolidating your insurance needs under one provider, making it easier to track renewals and claims. A single point of contact can also enhance communication and service, as your insurer gains a comprehensive understanding of your coverage needs across various policies. Additionally, bundling often provides broader coverage options, ensuring that both your strata property and other insured assets are adequately protected. This holistic approach not only streamlines your insurance affairs but also potentially enhances your peace of mind, knowing that all aspects of your property and personal insurance are cohesively managed and safeguarded.

Is strata insurance compulsory in every Australian state and territory?

Strata insurance is generally compulsory for most strata schemes across Australia, but the exact requirements differ by state and territory. The responsible strata body usually needs to insure the building or common property and hold public liability cover, subject to the scheme type, legislation and policy wording.

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Insurance News

Storm Season Puts Strata Insurance Readiness Back in Focus

15 Sep 2026: Paige Estritori

The latest severe weather messaging from insurers and emergency agencies is a timely reminder that storm, flood and cyclone exposure should be front of mind for strata committees heading into the warmer months. While the warning is aimed broadly at property owners, it carries particular weight for apartment buildings, townhouse complexes and mixed-use schemes, where one weather event can affect shared structures, common services, multiple lots and long-term levy planning. - read more

Why Insurance Affordability Pressure Is Still a Strata Priority

25 Aug 2026: Paige Estritori

Australia's latest insurance affordability signals are a timely reminder that premium pressure is not confined to detached homes. For strata communities, the same forces affecting household insurance, including natural hazard exposure, higher repair costs, reinsurance pricing and insurer risk selection, can be amplified across an entire apartment building, townhouse complex or mixed-use scheme. - read more

Why Rebuild Cost Pressure Still Matters for Strata Insurance Renewals

18 Aug 2026: Paige Estritori

Australia's latest construction cost signals suggest some relief from the sharpest building inflation of recent years, but strata committees should be careful not to treat moderation as a reason to relax their insurance settings. For apartment buildings, townhouse complexes and mixed-use schemes, the key issue is not simply whether costs are rising more slowly. It is whether the current sum insured still reflects the realistic cost of reinstating the entire property after a major insured event. - read more

Strata Committees Face a New Era of Insurance Transparency in NSW

11 Aug 2026: Paige Estritori

New South Wales strata communities are entering a more demanding insurance governance environment, with reforms placing greater emphasis on disclosure, quote processes and the way insurance-related benefits are explained to owners. For committees and owners corporations, the change is less about paperwork for its own sake and more about improving confidence that the building's cover has been tested properly before renewal decisions are made. - read more

What NSW Emergency Services Levy Reform Could Mean for Strata Communities

01 Aug 2026: Paige Estritori

New South Wales strata communities should keep a close watch on renewed efforts to reform the way emergency services are funded through insurance premiums. The long-running concern is that adding emergency services charges to insurance bills can make cover look more expensive, particularly for apartment buildings, mixed-use schemes and larger owners corporations already managing high rebuilding values and complex risk profiles. - read more

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Strata Insurance Articles

Strata Insurance Explained: What’s Not Covered and Why It Matters

Strata insurance is a type of cover designed specifically for properties that are subdivided into individual lots or units, which is common in residential and mixed-use developments. It protects the overall structure and shared areas of the property and is usually managed by a strata management body. This insurance is crucial not just for safeguarding the building itself but also for ensuring that common property, such as gardens, hallways, and balconies, is covered against a range of risks. - read more

Strata insurance valuations and underinsurance risk explained

Building valuations and replacement cost estimates help determine the sum insured for a strata property. If those estimates are too low, an owners corporation may face underinsurance, reduced claim outcomes or unexpected costs after a major loss. - read more

Understanding the Key Differences Between Strata Insurance and Home Insurance

Strata insurance is a specialized type of insurance designed to cover multi-unit properties like apartment buildings and townhouses. It protects the common property and the shared interests of all owners within the strata scheme, offering coverage for facilities like pools, gardens, and shared structures. - read more

Commercial and residential strata insurance: key differences explained

Commercial and residential strata insurance both protect strata-titled buildings and common property, but the risks, policy considerations and information insurers assess can differ significantly. - read more

What information is needed for a strata insurance quote or renewal

Preparing the right information before requesting a strata insurance quote or renewal review can help insurers and brokers assess the scheme more accurately. This guide explains the common details strata managers, committees and owners corporations may need to gather. - read more

Knowledgebase

Loss Ratio:
The ratio of claims paid by an insurer to the premiums earned, used as a measure of profitability.

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