Strata vs contents insurance for apartment owners

Strata insurance helps cover shared or common property in strata-managed complexes and properties. It can cover things like building fixtures, shared recreation areas, common contents like outdoor furniture or gym equipment, and public liability.

If you’re living in a medium-sized or larger apartment block, strata insurance is usually organised by a strata company or building manager. If you’re in a boutique complex, say with no more than 4 or 5 apartments, then residential strata insurance may be taken out by the owner's corporation.

Contents insurance helps cover your personal belongings you keep inside your apartment. It can be taken out by tenants or owners to cover things like furniture, appliances, clothes, and jewellery and more, in the event they’re lost, damaged or destroyed as a result of an insured event, such as a fire, storm, or theft.

Think of it this way: strata insurance is for things shared amongst the many, in common areas, that everyone has access to. It also covers the building itself — the bricks and mortar of the complex, so to speak. Contents insurance is for your stuff, in your space, that only you own.

So, if you want to protect just your things, and your things alone, that’s when you might consider taking out a contents insurance policy or renters' insurance policy.

Be sure to carefully read the Product Disclosure Statement (PDS) to determine what is and isn’t covered by a policy. The PDS lays out all the limits and exclusions, and also includes common claim scenarios and how they’re managed so you have the full picture of what you’ll be covered for.

If you’re keen to find out how much a policy might cost, the most efficient way to do this is to call 132 132, which will allow you to receive an estimate of your insurance premium. based on the information you provide.