Are there any specific insurance considerations for strata schemes considering self-management?

Strata Insurance is a type of insurance specifically designed for owners and managers of strata properties. Do you need Strata Insurance? Strata Insurance is mandatory in Australia and covers common property under a strata title or body corporate. When purchasing a ... We offer insurance for all strata risks, including: Our product strives for market leadership through its innovative features, superior quality and pricing ... Nov 28, 2024 ... Recommendations in the policy paper look at ways insurance affordability can be addressed and owners' corporations can be supported to deliver ... May 5, 2021 ... Minimum insurance. Insurance is important to protect your owners corporation (formerly body corporate) and the personal assets of all lot owners ... Feb 18, 2024 ... Strata will have a building insurance policy which will cover things like damage to the structural building, common property areas etc. You ... Feb 27, 2025 ... Every strata scheme must set a budget each year. This budget should include an estimate of expenses for the year ahead, to help you work out the levies that ... The strata insurance policy provides property coverage for Common Property, including any buildings shown on the strata plan, the common assets and any ... It typically covers common areas like hallways, gardens, roofs, and shared facilities. The insurance provides financial protection against damage, theft, or ... 150 (1) The strata corporation must obtain and maintain liability insurance to insure the strata corporation against liability for property damage and bodily ...