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Strata Insurance

Insurance for residential buildings that share common property

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Do I need Strata Insurance?

When you own a home that shares common property, things can get complicated. If buildings, outdoor areas or items are damaged, you want to make sure you have cover in place.

That’s why our Strata Insurance - associated with body corporates or owners corporations - covers residential buildings within a complex and its common areas such as garages, driveways and swimming pools. You can also add cover for common contents, such as lawnmowers and washing machines.

Strata Insurance is a legal requirement and normally the responsibility of the strata title owners, with the cost split between the individual unit owners. If you live in one of the following, chances are you need Strata Insurance.

Townhouse

Unit/Flat

Apartment

Duplex

Insured Events

  • Flood
  • Fire
  • Malicious acts of vandalism
  • Impact
  • Storm
  • Theft and burglary
  • Damage by an animal
  • Riot, civil commotion or public disturbance
  • Explosion
  • Escape of liquid
  • Lightning
  • Accidental breakage of glass
  • Earthquake and tsunami

What am I covered for?

Cover Type

Amount

Accidental damage at the unit

Amount nominated by you

Loss or damage from incidents such as floods*, storms, fires and theft#

Amount nominated by you

Legal liability

Up to $20 million

Loss of rent

Up to 10% of the building sum insured and for no longer than 52 weeks

Temporary accommodation for unit owners

Up to 10% of the building sum insured and for no longer than 52 weeks

Office bearer’s liability

Up to $1 million

Resilience improvements

Up to $10,000 of net costs

Common contents

Amount nominated by you

View disclaimers

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Product Disclosure Statement

This is just a summary, for full details of what is and isn't covered please refer to the Strata Insurance Product Disclosure Statement (PDS)

Ways to save

We’re committed to protecting what matters to you most – every day. That’s why we offer a range of ways that you can save, when you insure your home with us.

Read more

*Actions or movements of the sea and storm surge are not covered (unless the storm surge damage occurs at the same time as damage caused by storm). We don't cover retaining walls or flood damage to wharves, jetties, pontoons, other exclusions apply.

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Important Information

#We do not insure you for bushfire, storm, flood or tsunami in the first 72 hours of your policy. Very limited exceptions apply.

Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Information provided is general advice only and has been prepared without taking into account any person's particular objectives, financial situation or needs. Please read the relevant Product Disclosure Statement before making any decision regarding this product.

© Copyright AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Registered Office, Level 28, 266 George Street, Brisbane QLD 4000. In accessing Suncorp's site you agree to our Online Terms & Privacy Statement. Please ensure that you read these before accessing the site.

Products and services including banking, superannuation and insurance (including home and car insurance but not life insurance) are provided by separate companies in the Suncorp Group. Suncorp Bank (Suncorp-Metway Ltd ABN 66 010 831 722 ) is only liable for the banking products or services it provides and not the products and services of other companies in the Suncorp Group.

Life Insurance products, other than in some circumstances the Redundancy Benefit, are provided by either Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (Asteron) or by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). Both Asteron and TAL Life are part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL companies use the Suncorp brand under license.

Redundancy Benefit issued on or before 31st March 2020 was offered by AAI Limited ABN 48 005 297 807, AFSL 230859 (AAI) trading as AAMI which is part of the Suncorp Group. New Redundancy Benefit policies and renewals offered from 1st April 2020 will be issued by Asteron Life and Superannuation Limited, ABN 87 073 979 530, AFSL 229880 (Asteron). Suncorp Group is a distributor of products issued by Asteron and TAL Life. The different entities of TAL and the Suncorp Group of companies are not responsible for, or liable in respect of, products and services provided by the other.

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