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Residential Strata Insurance

Need insurance for your strata scheme building? Get cover for fires, storms, accidental damage and more.

What is Strata Insurance?

Residential Strata Insurance is a specialised form of property insurance designed for properties like apartments, townhouses, and units that share common areas.

It provides cover for the building/s as well as shared common property spaces such as gardens, driveways, and pools against loss or damage caused by insured events like storms, fire, or vandalism.

You can also choose optional cover for machinery and equipment breakdown, such as when an elevator or air-conditioning unit unexpectedly stops working.

Insurance

What does Residential Strata Insurance cover?

Call 132 132

Included

Here’s a summary of what’s included for your residential strata property

  • Loss of rent for lot owners
    We cover up to 12 months’ lost rent if your building’s damaged in a covered event and your lot owner’s tenants can’t live in it while it’s being repaired or rebuilt.

  • Theft & vandalism
    We cover loss or damage to your property and common contents from theft and vandalism2.

  • Flood, storm & storm-surge
    We cover damage to your property and common contents caused by flood, rainwater run-off, storm, storm surge and tsunami3.

  • Impact damage
    We pay for damage to your property and common contents caused by impact from things like vehicles and trees5.

  • Lightning
    We cover your property and common contents for damage and power surges caused by lightning.

  • Liability for injury or damage
    We cover your legal liability in some situations if someone’s injured or their things are damaged at the property (up to $20m).

  • Temporary accommodation
    Cover for your lot owner’s reasonable temporary accommodation if they can’t keep living in the property after a covered event (up to 12 months)1.

  • Fire
    We cover loss and damage to your property and common contents caused by fire (including bushfire).

  • Damage from leaks
    We cover damage to your property and common contents caused by liquid leaks, like water from a burst pipe or oil from a broken heater4.

  • Broken glass
    We cover accidentally broken glass in some of your furniture and fixtures, like mirrors and oven doors.

  • Demolishing & removing debris
    If your property is damaged by a covered event, we pay to demolish and remove debris, including damaged Common Contents6.

Not included

  • Wear and tear
    We don’t cover normal wear and tear that happens as your property or common contents are used.

  • Animal damage
    We don’t cover damage by your lot owner’s animals, or animals allowed into your property.

Optional extras

Choose from these optional benefits when you’re getting a quote

  • Motor burnout
    Add cover for electric motor burnout in fixtures and appliances like air con and washing machines, including parts and labour7.

  • Machinery breakdown
    Add cover if your machinery like lifts and heaters are damaged during normal use (up to $25,000).

Make sure to read our policy booklets

They’ll give you full details on limits, conditions, exclusions and more

Supplementary Product Disclosure Statement
Product Disclosure Statement
Target Market Determination
Premium, Excess & Discounts Guide

Important note for customers in NSW, QLD, TAS & ACT. If you purchased your policy before 21 April 2024 and you either haven't renewed it yet or you last renewed it before 1 July 2024, your cover will be different to the cover described above. Read the Product Disclosure Statement (PDS) relevant to your policy on our policy booklets page, or call us on 132 132 for more information.

Renting out your investment property?

We've got cover for that, too.

Check out Landlord Insurance

Learn more about Strata Insurance

Did you know our Residential Strata Insurance also covers some landscaping and storage costs?

Read the PDS

Call us on 132 132 to make a claim 24/7

Learn about claims
FAQs

Strata Insurance FAQs

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Does Strata Insurance cover water leaks or storm damage?

Yes. Our Strata Insurance policies cover damage to your property and common contents caused by flood, rainwater run-off, storm, storm surge and tsunami3, as well as liquid leaks4, like water from a burst pipe or oil from a broken heater.

Does Strata Insurance cover tenants?

Residential Strata Insurance doesn’t cover tenants' personal belongings or liability. Strata Insurance is designed to protect the building/s and common areas of a property that is managed under a strata scheme. If a tenant wants to cover their belongings, they might want to consider getting Contents Insurance for Renters.

Who pays the excess on a Strata Insurance claim?

This can depend on what has happened, who manages the building (i.e. strata, owners’ corporation or body corporate) and how many lots you’re making a claim for.

Based on these factors, the owner of the damaged property might be responsible for paying the excess, or it might be the owners’ corporation – especially if multiple lots have been impacted by the covered event.

What documents do I need to provide when making a claim?

When you make a claim, we may ask you to provide documents that help us assess and settle your claim. Documents can also be used to help us identify correct replacements for you.

Some examples of the types of documents are receipts, valuation certificates, credit card or bank statements, photos or emergency services reports.

How much does Residential Strata Insurance cost?

The cost of Residential Strata Insurance depends on lots of factors, including the building’s address and how much cover you need.

To see how much Residential Strata Insurance costs, call 132 132.

Existing customers

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Protect your property with NRMA Home Insurance

We can cover the cost to repair or rebuild your home if it’s damaged or destroyed by an incident we cover, up to the sum insured.

We offer cover for items in your home, even if you accidentally leave a window or door unlocked.

Protect your rental property, its contents, or both. We can cover rent default, as well as damage to your property from theft, vandalism, fire, storms and more.

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Need help?

We’re here for you. Call us on 132 132.

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Things you should know

  1. Cover is only available if the relevant lot owners lived in your property permanently before the accident. Cover is available up to 10% of your sum insured if all lots in your property are unable to be lived in due to the covered incident, or a pro rata proportion of that amount if only some lots are impacted. We must agree to the costs before they are incurred. Check the PDS for full conditions, limits and exclusions.

  2. We don’t cover theft or vandalism by you, a lot owner, an office bearer or someone acting with their consent. Check the PDS for full conditions, limits and exclusions.

  3. We don’t cover actions of the sea, such as tides and waves. Check the PDS for a full list of exclusions. For insured properties in NSW, ACT or Tasmania, if we give you the option to remove cover from your Property and Common Contents insurance for flood, rainwater run-off and storm surge and you choose to do so, you won’t be covered for loss or damage to your property and common contents caused by flood, rainwater run-off or storm surge.

  4. We don’t cover damage caused by water leaking or escaping from a shower recess. We don’t cover loss from erosion or other earth movements. We don’t cover the costs to repair or replace the item that the liquid leaked or escaped from. Refer to the PDS for a complete list of what we do not cover.

  5. We don’t cover loss or damage caused by tree cutting, lopping or felling unless performed by a professional.

  6. We will pay up to 10% of the ‘Building and Common Contents’ Sum Insured for this additional benefit.

  7. We can cover electric motors for up to 15 years after they were made, provided they are not covered by a warranty, you do not use them for a business, trade or profession and they are kept at your home or site. We do not cover the cost to remove or install submerged or underground motors.