Strata
Strata Insurance covers damage caused to strata properties, like apartments and townhouses, including shared property like stairwells and driveways. It includes cover for lost rent and temporary accommodation for unit owners, if an insured event means that the property can’t be occupied.
Strata insurance is usually managed by a strata manager, property manager or unit owner who’s been asked to manage the policy and cost on behalf of all the owners. The term differs depending on which state you are in. Your building may already be insured if your property is part of a strata or other group scheme.
