Specialist insurance brokers for residential, commercial and mixed-use strata schemes requiring proactive, well-structured insurance solutions.
Commercial & Residential
Strata Insurance
- Specialist advice from experienced strata insurance brokers
- Structured insurance programs aligned to legislative and risk requirements
- Dedicated claims advocacy and renewal management
Strata
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Specialised solutions for strata plans
Protecting the Strata Assets and the Committee
Strata insurance is designed to protect the building, common property and the legal responsibilities of the strata company.
Modern schemes present far greater complexity. Embedded energy systems, EV charging infrastructure, car stackers, high-end shared facilities, mixed occupancies and short-term letting exposures have materially changed underwriting expectations.
Effective programs must reflect:
- Adequate replacement cost
- Legislative compliance
- Committee liability exposure
- Contractor and volunteer risk
- Insurer appetite and capacity constraints
What Does a Strata Insurance Policy typically Include?
01
Building and Common Property Cover
Protection against insured events such as fire, storm, impact and escape of liquid. The building must be insured for full replacement value.
02
Loss of Rent / Temporary Accommodation
Financial protection where a lot becomes uninhabitable due to insured property damage.
03
Public and Committee Liability
Protection for the strata company and council members against third-party claims and governance-related allegations.
04
Machinery Breakdown
Cover for sudden and unforeseen breakdown of lifts, plant, car stackers and building services.
05
Crime and Fidelity Protection
Protection against misappropriation of strata funds.
Additional benefits such as catastrophe escalation, audit costs, voluntary workers and lot owner improvements are typically available, subject to insurer and policy wording.
Emerging Risk Considerations for Strata Schemes
The strata insurance market continues to tighten, particularly for higher-value and mixed-use schemes. Insurers are increasingly focused on building configuration, maintenance standards and claims history.
Key exposures include:
- Solar and battery systems
- EV charging infrastructure
- Automated parking systems
- High-end shared facilities
- Mixed-use and short-term letting
- Severe weather events including storm, hail and bushfire
Claim frequency and repair costs have increased significantly, placing pressure on deductibles, policy conditions and available capacity.
A structured renewal strategy is increasingly important in securing sustainable outcomes.
why you need strata insurance
Insurer to Value
Underinsurance remains one of the most significant risks facing strata schemes.
Strata legislation requires buildings and common property to be insured for full replacement value, not market value.
Replacement cost must include demolition, professional fees, code compliance and escalation. Underinsurance may result in claim shortfalls and potential legislative exposure.
Committees have a responsibility to ensure declared values remain appropriate.
We recommend a formal insurance replacement cost valuation be conducted by a certified valuer, typically a qualified quantity surveyor, at least every three years, or more frequently where construction costs are volatile.
why you need strata insurance
Who Covers What?
Important: Strata insurance does not cover personal contents or tenancy-related risks. Each party must arrange their own cover.
Why KBI for Strata Insurance?
Strata insurance has become increasingly complex, particularly for larger or mixed-use schemes.
Market capacity, legislative obligations and emerging infrastructure risks require disciplined program design and careful renewal strategy.
At KBI, we partner with strata managers and committees to ensure insurance programs are structured, defensible and aligned to the long-term interests of the scheme.
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