A standard strata policy covers the building (replacement cost), common-area contents, public liability for the common property, voluntary workers, office bearers' liability, machinery breakdown and loss of rent or temporary accommodation after an insured event.
Yes. Strata insurance covers the building structure and common areas — not your personal belongings, internal fixtures you've installed, or your own legal liability inside your lot. A separate strata-specific contents policy is essential for owners and renters.
It covers committee members and office bearers personally for honest mistakes, breaches of duty or wrongful acts in their role on the strata committee. It's almost always included in standard strata policies and is essential — without it, owners won't volunteer.
Report the damage in writing to the strata manager immediately, with photos and dates. The manager (or insurance broker) will lodge the claim, organise loss assessment, and coordinate repairs. Don't authorise any repair yourself until the insurer accepts the claim.
Usually the owners corporation pays the excess, then recovers it from the responsible party if there is one. If the damage was caused by a specific lot owner's negligence, the owners corporation can recover the excess from that owner.
The lot owner is ultimately responsible to the owners corporation. The owners corporation can recover the cost (or insurance excess) from the owner, who can then pursue the tenant under the lease. Make sure your landlord insurance covers tenant-caused damage to common property.
Yes. The strata insurance market changes significantly year to year. A good broker will quote 3–5 underwriters at every renewal. Locking in the same insurer year after year without testing the market almost always costs the scheme money.