Talk to us about your Strata Insurance
Your Specialist Insurance Brokers for Advice.
Strata insurance is a mandatory form of property insurance that protects shared assets, liabilities, and the property’s future structure. The property market and industry are constantly evolving, including legislation changes, increased costs and insurance requirements. Strata insurance is your guarantee that you’re protected in the face of unexpected events and damage.
At Barrack Broking, we understand that insurance details and terms aren’t always easy to understand and navigate. That’s why we’re committed to being your partner —from finding you the right policy to when you need to make a claim, we’ll be there.
First things first, we want you to understand your insurance policy. So, what is strata insurance? Let’s break it down.
What Is Strata Insurance?
Strata insurance is mandatory and is designed for properties that are ‘strata-titled’ (i.e. apartments, townhouses and units). The commerical insurance policy is typically arranged by the owners’ corporation (body corporate). It is designed to provide general cover for the building and shared property from loss or damage. Strata insurance provides financial protection for shared buildings and areas, to ensure that all owners share the risks and costs of unexpected liability or damage.
What Does It Cover?
It’s important to understand exactly what is covered by your policy, so that if you need to make a claim, you’re not caught off guard. Strata insurance protection generally covers:
- The building structure from the basement to the roof.
- Shared property areas (e.g. stairwells, car parks and gardens)
- Commonly shared contents, such as outdoor furniture and gym equipment.
- Legal liability for injuries and damages that occur in shared/ common areas.
What Does It Not Cover?
There are limits and exceptions to your strata insurance. It generally works to protect financial stability in the event of property damage or injuries caused in common spaces. However, it does not cover you for:
- Personal belongings or contents inside individual units or apartments.
- Fixtures and fittings that aren’t permanently attached to the building.
- Damage caused by insufficient maintenance.
Why Choose Barrack Broking?
At Barrack Broking, we’re committed to matching you to the right policy and being by your side the whole way. We tailor our approach and search to your business’s needs to source you the best policy that protects your risks.
With our team of experts, you can rely on them to navigate the market and explore a range of insurance options to find you the best terms. And we’re here for you the whole time, from when you purchase an insurance cover, right up to when you need to make a claim. One of our directors oversees every client matter to ensure that we’re caught up and prepared to support you when you need it most.
How Our Process Works:
We understand that time is of the essence when handling your property and the risks involved, which is why we make our process easy for you to navigate. We’ll handle everything from start to finish, so you can focus on getting your organisation back on its feet, without worrying about what will happen next. Here’s how it works with Barrack Broking:
- We’ll start by understanding your business to identify your risks.
- We’ll develop a tailored strategy and program that is detailed with cost and your coverage options, using our market knowledge and expertise.
- We’ll head out to the market to negotiate a policy with the right insurer that covers you based on the identified risks.
- We’ll be here for you all year round. Whether you need claim support, policy clarification or general advice, you can rely on Barrack Broking to support you.
We’ll handle it all, with your best interest as a priority. All you need to do is reach out, and we’ll get you started with a commercial strata insurance cover that ensures you have peace of mind when it comes to your property.
Property Protection With Barrack Broking
Property protection isn’t easy, especially when you don’t know what you’re looking for. The bottom line is, you want your property to be protected when events are out of your control. Strata insurance gives you peace of mind that you’re protected and not entirely liable when the worst happens. Barrack Broking can find you a cover with terms that work in your best interest, so you don’t need to worry about a thing.
Contact us today to find a policy that’s right for you.
