Why Strata Insurance is Important
Strata insurance protects a group of people who share ownership in a single building or property. In WA, a group of shared owners is often referred to as a ‘strata company’. This term can be confusing, as strata companies aren’t businesses. For example, if two neighbours share a driveway and invest in strata insurance for the driveway, they are still considered a strata company even though there’s no business or money making involved.
In Australia, strata companies or groups are obligated by law to take out strata insurance, under The Western Australia Strata Titles Act 1985, as it protects the group as a whole in the event of an incident, such as a fire or flood.
Strata insurance also prevents internal issues from arising after an incident occurs, such as ambiguity in terms of who is legally responsible for which parts of a building. This protects everyone who’s involved in the strata group from delays in a resolution due to confusion over responsibility.
Choosing a Strata Insurance Policy
When choosing strata insurance, it’s tempting to pick the cheapest policy. Choosing by price might protect your strata and your budget in the short-term, however underinsuring is a common oversight when choosing a strata policy. Important protections are often left out, including cover for those living in a strata complex, or for other risks such as fraud, machinery breakdown, and liability cover.
Receive Professional Advice from our Strata Specialists
We’re here to help you choose the right cover, at the right price.
Armed with over 60 years of combined strata insurance experience, we know the risks faced by strata companies and can tailor a strata insurance policy around your statutory obligations.
Get in touch with our Perth-based team of strata specialists for professional advice about the different options that are available. We can help you identify which strata insurance policies are most suitable to your specific circumstances and provide you with a quote. Our team is here to help.
The Western Australia Strata Titles Act 1985 dictates a range of insurance obligations that all strata companies are required to adhere to.
Please read the insurer’s Product Disclosure Statement/Policy wording(s) to familiarise yourself with the covers, limits, excesses, endorsements, conditions and exclusions therein and to ensure the policy meets your needs.
