1. Personal Insurance
    2. /
    3. Strata Insurance

    Strata Insurance

    Residential Strata Insurance (Body corporate Insurance) is specifically designed for Strata Titled properties. Properties of this nature have specific insurance requirements that cannot be catered for under standard home policies.

    Get a Quote

  • Why is this cover important?

    Having the right Strata Insurance policy is often required by relevant State or Territory legislation and especially in the event of a claim.

    There are many benefits with taking out a Residential Strata policy with Citycover, including expertise, advice, risk management, claims service and the range of policies we have access to. When you have a claim, you want to make sure you are covered correctly, and you want the process to be seamless.

    Citycover are experts in Residential Strata Insurance and we urge Strata unit owners and body corporate committees to consider the following points:

      • Every strata building is different, and faces different risks which need to be taken into account when considering Residential Strata Insurance cover.
      • Residential Strata insurance policies vary, and care needs to be taken to ensure the insurance policy matches the needs of the property.
      • The amount of cover (the sum insured) needs to be adequate and appropriate for the building and its risks, or strata owners could be significantly out of pocket if a major loss occurs.
      • In order to determine the correct amount of cover, the body corporate committee must obtain a full building valuation at least every 5 years (or as often as may be required by local legislation). The limit of cover should also be reviewed each year (in between valuations) to take account of inflation in the cost of building and repairs.
      • The high cost of strata insurance in North Queensland is driven by the risks faced in the region – insurers have paid out $1.40 in claims for every $1 received in premiums in North Queensland in recent years, according to a Government Actuary report in 2014.
      • Cheaper strata insurance cover bought directly could well be a false economy if it means you’re not properly covered in the event of a loss or claim.
      • In order to determine the correct amount of cover, the body corporate committee must obtain a full building valuation at least every 5 years (or as often as may be required by local legislation).The limit of cover should also be reviewed each year (in between valuations) to take account of inflation in the cost of building and repairs.
  • What can Strata Insurance cover?

    When it comes to residential strata property, you need an expert Insurance Adviser on your side. Citycover has access to a range of Residential Strata Insurance cover available, which enables us to deliver you the best Insurance solutions for your needs.

    A Residential Strata Policy covers you for a range of insurable events, including but not limited to the following:

    • Building / Common Contents

      Covers loss or damage to insured property, including damage caused by cyclones, storm surge and floods. It is important to note however, that flood is not automatically included.

    • Legal Liability

      Covers up to $20 million legal liability arising out of your ownership.

    • Personal Accident (Voluntary Workers)

      Offers a loss of income benefit to a voluntary worker insured whilst working for you in an unpaid capacity.

    • Fidelity Guarantee

      Protects body corporate funds against embezzlement or fraud by a committee member.

    • Office Bearers Liability

      Provides protection for office bearers held legally liable for wrongful acts, such as providing property managers with incorrect instructions or failing to exercise due care when negotiating on behalf of the unit owners.

    • Catastrophe Cover

      Following a significant event that causes widespread property damage, it is common that building costs increase, with the result your building sum insured may then prove inadequate.

  • Why Us?

    When you take out Residential Strata Insurance with Citycover, you will immediately have access to our expert claims team for personal service on claims, and our experienced Advisers for advice on Risk Management.

      • Citycover’s claims team has been recognised as an industry leader (“quoted by a prominent insurer”). This has huge benefits within the Strata Community. We work with unit owners and partner with Strata Managers, delivering exceptional outcomes..
      • We have access to many product features and benefits, some of these benefits are:
        • Optional additional 15% Catastrophe cover
        • Strata Manager Defence Costs
        • Optional Flood Cover
        • Storm Surge cover resultant from named cyclone
  • FAQs

    Frequently Asked Questions for Residential Strata Insurance (Body Corporate Insurance).

    • I found a really cheap quote online, why is it so cheap?

      Insurance is like any other product, you pay for what you get. There are many different insurers offering policies in different shapes and forms.

      Service is extremely important.

      This is the difference between a claim being paid out over night and a claim being paid out painstakingly over a year. Cheap premiums are on offer because costs are being cut elsewhere.

      Coverage is also extremely important.

      This is the difference between your claim being paid out or not paid out at all. Quite often, this results in financial burden in the long run.

    • What are “Lot Owner’s Improvements”?

      Any new fixtures installed by a Unit Owner or any upgrade made by a Unit Owner to an existing fixture, that results in its replacement value being more than its replacement value immediately prior to the improvement.

      Being for the Unit Owner’s exclusive use, and permanently attached to/fixed to your Insured Property, therefore to become legally part of it.

    • Can I pay my premiums by the month?

      Yes. All insurance offered by Citycover can be paid by the month through premium funders. If you chose to use the premium funder’s service, your monthly instalments will be tax deductible.

    • What other insurance do I require?

      If you live in your property as the owner occupier, you should take out Contents Insurance.

      If you are renting out your property, you should purchase Landlord Insurance.

    • What factors contribute to the premium?

      Some common factors contributing to the premium include:

      • Government taxes (stamp duty and GST)
      • The age and condition of the building
      • Replacement cost
      • The location
      • Claims history
      • The level of cover and costs of common property
    • How do I make a claim?

      As your Adviser, you will always contact Citycover in the first instance and we will guide you through the claims process as this can vary from insurer to insurer.

  • Need Help?

    Our experienced team is ready to answer any questions you have.

      • Over 45 Years of Trust
        Australians have been trusting Citycover with their insurance needs since 1972.
      • 24/7 Emergency Claims Service
        We take the stress away, as we know claims don’t just occur between the hours of 8am to 5pm.
      • Member of Austbrokers
        Top 250 ASX-listed company, better wordings, better governance and better purchasing power.
  • Need to Claim?

    • Our claims process is seamless, market leading and hassle free. You can submit a claim 24/7 online, or alternatively you can phone us during business hours on (07) 3270 1500 or after hours on 0419-710-868. Your dedicated claims specialist will assist you with your claim from start to finish.

    • Find Out More
  • Our Team

    The knowledge and experience of Citycover’s amazing team is widely recognised. We are extremely passionate insurance professionals, who love what we do.

    • Mark Sandow

      Chief Executive Officer

      Stewart Harker


      Daneille Crawford

      Manager - Client Services

      Gayle Herriman

      Manager - Claims Services

      Kerrilyn Olver

      Claims Adviser

      David Kimber

      Senior Insurance Adviser

      Jonathan Hobson

      Senior Insurance Adviser

      Lynette Braddock

      Insurance Adviser

      Paul McGregor

      Insurance Adviser

      Tracy Livesey

      Insurance Adviser

      Liz Walker

      Insurance Adviser (AR 001256865)

      Paul Cotterill

      Insurance Adviser (AR 000442425)

    • Lynette, I don’t give compliments lightly, but you two have really helped make my afternoon flow smoothly; and I appreciate that immensely.

      What I thought was going to be a drama, turned out to be quite the opposite, a walk in the park.

      Jonathan’s knowledge of the Body Corporate field was very evident from the very start, as he readily deduced my requirements from my somewhat sketchy explanation.

      It was a real pleasure for me to deal with professionals, who quickly grasped the overall situation & then calmly directed me to an appropriate solution, with a minimum of fuss.

      So, again, thank you both sincerely.

      George Z
      7th August, 2019