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Strata Insurance
Insurance for residential buildings, governed by body corporates or owners corporations, that share common property
What is Strata Insurance?
When you own a home that shares common property, you’ll want both your property and the shared property to be covered — and your Home Insurance might not tick all the boxes. That’s why Strata Insurance covers residential buildings within a complex and common areas such as garages, sealed driveways, and swimming pools.
You can also add cover for common contents, such as lawnmowers and washing machines.
Do I need Strata Insurance?
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 Incidents
In the first 72 hours of your policy, we do not insure you for bushfire, storm, flood or tsunami. Very limited exceptions apply. Read the PDS for more details.
What does Strata Insurance cover?
Amount
Loss or damage from incidents such as floods*, storms, fires and theft#
Amount nominated by you
Up to $20 million
Up to 10% of the building sum insured and for no longer than 52 weeks
Up to 10% of the building sum insured
Up to $1 million
Up to $10,000 of net costs
Amount nominated by you
Why choose Suncorp Insurance?
We offer a lifetime repair guarantee
Rest assured, when we repair or rebuild the building, we guarantee the quality of workmanship of the work for the lifetime of the building that we authorise, arrange and pay the builder directly for.
You can save by paying annually
Save on your premium by choosing to pay annually
24/7 claims service
Making a claim is easy with our 24/7 phone and online claims service
Frequently asked questions
How do I pay my Strata Insurance?
We’ll tell you the amount and payment due date on your certificate of insurance. The details of your payment and its due date will also be listed on your insurance account. This can be paid annually, or, if we agree, by monthly instalments. Paying monthly costs more than if you pay in one annual sum.
How do I make a claim on my Strata Insurance?
You can report your claim to us by contacting us on 13 25 24, 24 hours a day. In the event of damage or loss to your building, first make sure everyone is safe and call 000 in an emergency. For malicious damage or theft, create a detailed list of all damaged or stolen items and immediately report it to the police.
If there’s no strata or body corporate in place for my apartment building, can I still get Strata Insurance?
Yes, you can still get a Strata policy with Suncorp Insurance for the entire building. However, we only offer Strata cover on the entire building, not individual dwellings or units. For more information on what Suncorp Strata Insurance covers, please check the PDS.
Can I cancel my strata insurance?
Yes, you can cancel your policy at any time and you’ll be refunded the unexpired portions of your policy (less any non-refundable government charges). Refunds will not be given if the refund is less than $5 (GST inclusive).
For more information, please refer to the PDS.
What are common contents?
Common contents are unfixed property at the insured address that are contained within the common areas of your building. They include:
- Unfixed wall, floor and ceiling coverings;
- Tools and cleaning equipment; and Office equipment, electronic equipment and
- telephones used in your administration office.
Take a look at the PDS to learn more about what is and is not covered by Strata Insurance.
Can I take out a policy for common contents only?
No, you must insure your building first before you can insure common contents. Suncorp Strata Insurance is for owners of homes that share common spaces and grounds, such as gardens, swimming pools and driveways.
Why would I need a Strata policy and not a Home or Landlord policy?
You’d need a Strata policy if you own a home that shares common property, like buildings or outdoor areas, and where legislation states a body corporate or strata title must be formed.
In some states there’s no requirement for a body corporate or strata to be formed when you own a home that’s part of a complex, like an apartment building, or if you are the sole owner of a small block of units under a Freehold or Torrens Title. In these cases, we’re able to insure under a Home or Landlord policy.
Each of Suncorp's insurance products utilise a five-stage product lifecycle (Design, Delivery, Review, Enhance/Modify and Decommission). This approach allows us to put you, the customer, at the centre of our product development and distribution.
This content applies to policies with a start or renewal date on or after 25 March 2021.
*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 mooring poles, jetties, pontoons, other exclusions apply.
#We do not insure you for bushfire, storm, storm surge, flood or tsunami in the first 72 hours of your policy. Very limited exceptions apply. Read the PDS for more details.
Exclusions and limits apply. Read the Product Disclosure Statement before buying this insurance. The Target Market Determination is also available.
