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What is Residential Strata Insurance?

Many owners query what their Owners Corporation insurance covers? Find out below a brief description of Residential Strata Insurance and some of the items it covers.


Residential Strata Insurance provides protection specifically pertaining to living in a strata community.

Strata Insurance policies cover material damage as a result of insured peril to structural fixtures including fixed plant, machinery and underground services.

The Victorian Owners Corporation Act requires an Owners Corporation to have strata insurance on each strata property.

A few of the more common insurance policy features are:

(NB: Please refer to the insurer specific policy wording for inclusions, exclusions, terms and conditions).

Building Replacement & Reinstatement

Provides cover for the building structure and any fixtures and fittings in Common Property areas.

Public Liability

Covers the legal liability of the Owners Corporation and relates to the Owners Corporation’s property or common contents. This does not insure the liability of the unit owner’s private property.

Common Contents

Covers contents in any common area for which the Owners Corporation is responsible.  This may include items like appliances, equipment, furniture, fittings and works of art

Loss of Rent and/or Alternative Accommodation

If a unit becomes uninhabitable as a result of an insured peril, the unit owner can claim for loss of rent (where the owner is a landlord), or alternative accommodation (where the owner is occupying the lot) during the period that the premises are unfit for occupancy.

Office Bearers

Protects the members of the committee where liability has arisen from an alleged or wrongful act, omission or breach of duty. Covers the liability and legal costs up to the sum insured. Fraudulent acts are not insured under this insurance policy.

This list is but a few of the policy features, so if you would like to know more, please contact Owners First to discuss further.

You can also find some more information on our Useful links and downloads or our Frequently Asked Questions pages, or obtain a copy of your specific policy from the Owners Portal.