Strata Insurance Broker

Learn more about Residential and Commercial Strata Insurance and how you can benefit from using Morgan Insurance Brokers as your Strata Insurance Broker

Strata Insurance Broker

Learn more about Strata Insurance and how you can benefit from using Morgan Insurance Brokers as your Strata Insurance Broker

Using Morgan Insurance Brokers to obtain your Strata Insurance

Morgan Insurance Brokers is a specialist Strata Insurance Broker. We can source a comprehensive Strata Insurance policy that will protect your building and common area contents for fire, perils, and other damages that occur and the associated costs involved. Stata Insurance will also protect the body corporate’s liabilities for any injuries that occur in the common areas as a result of their negligence.

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What does Strata Insurance Cover?

Strata Insurance can offer general protection which may include cover against:

Property Damage to Building & Common Contents

Repair or replacement of property damaged

Business Insurance

Loss of Rent/Temporary Accomodation

Covers the individual unit owners lost rental income; or temporary accomodation costs if owner occupied, if the property was deemed uninhabitable.

Business Insurance

Catastrophe

Castrasophe Insurance covers the increased costs associated if the property was to be impacted by a government declared catastrophe

Business Insurance

Public Liability

Protects the Body Corporate for claims made against them for property damage, or personal injury that is as a result of their negligence

Business Insurance

Office Bearers Liability

Covers the liability of the members of the Body Corporate Comittee for the decisions they make on behalf of the owners

Business Insurance

Voluntary Workers

Covers the compensation costs for Volunteers that are injured whilst working for the Body Corporate

Business Insurance

Machinery Breakdown

Cover for costs associated with machinery breakdown

Flood

Covers the building & common areas for flood cover

Do I Need Strata Insurance?

Strata Insurance is a legal requirement if your property is strata titled. If you property is a unit, a townhouse, a duplex, it is likely that your property is strata titled.

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WHY IS STRATA INSURANCE SO EXPENSIVE?

Strata insurance can be expensive due to several factors, including the high replacement cost of th building and common property and the potential for multiple claims within the same building and same policies. Additionally, factors such as the location, building age, and the claims history of the building can impact insurance premiums.

The use of a strata manager to assist in arranging your insurane can also increase the amount you pay annually.
While it’s not accurate to say that all strata managers receive kickbacks on insurance, there have been cases where conflicts of interest arise. In some situations, strata managers might receive commissions or incentives from insurance brokers for recommending their services to the strata corporation. This practice can lead to a conflict of interest, as the strata manager may prioritise their financial gain over finding the most cost-effective and suitable insurance for the strata community.

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OUR SERVICES TO YOU

WE OFFER A RANGE OF ONGOING SERVICES TO YOU, FREE OF CHARGE THROUGHOUT THE YEAR

Lodging Claims and associated paperwork

Organising and faciliting trades for insurance repairs

Liaising with unit owners for payment of premiums

Updated to Policy/Endorsements

Claim Follow Ups

Approaching insurers for insurance quotes each year

Providing Premium Funding Options

Obtaining updated information for renewal

Benefits of Engaging Morgan Insurance Brokers as your Strata Insurance Broker

Morgan Insurance Brokers can assist you with insuring your Residential Strata Insurance Policy. We approach a large panel of approved Australia Insurers on your behalf. Engaging Morgan Insurance Brokers ensures that your Residential Strata Policy is the most competitive policy available to you.

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Residential Strata Insurance Quote

Name
Address To Be Insured
Drop files here or
Max. file size: 100 MB.
    If you have a copy of your renewal notice, please upload it here.

    Residential Strata Insurance Quote

    Name
    Address To Be Insured
    Drop files here or
    Max. file size: 100 MB.
      If you have a copy of your renewal notice, please upload it here.

      Personalised Service. Competitive Premiums. Free Claims Handling. Annual Policy Reviews. Contact Morgan Insurance Brokers Today.

      Contact Morgan Insurance Brokers for your tailored Residential nsurance Quote.

      Frequently Asked Questions

      Strata Insurance is Mandatory in QLD if the property is Strata Titled as per Part 6 Insurance—Actsection 189 of Body Corporate and Community Management (Standard Module) Regulation 2020.

      The Body Corporate must insure the property for full replacement value for loss or damage.

      Residential Strata Insurance does not cover your individual unit for items such as fixtures & fittings (carpets, curtains, blinds etc) or your own personal contents items for damages. If you are the owner occupier, you should consider home contents insurance.

      You may require Landlords Insurance policy if your unit is leased to tenants.  A Landlords Policy can be insured in additional to your Residential Strata policy and can extend to cover the below events:

      • Rent Default & Theft By Tenant
      • Accidental Damage, Intentional Damage, and Malicious Damage By Tenant
      • Landlords Liability

      A Strata Manager is essentially a property manager for the building. They can pay invoices, arrange maintenance and repairs, and faciliate Insurance.

      An Insurance Broker purely handles the Insurance for the building, including approaching the market for quotes for the property, lodging claims, managing the repair process during the clais process, and handling any enquiries that are insurance related. An Insurance Broker is a specialised service that is at no additional cost.

      Morgan Insurance Brokers is a specialist Strata Insurance Broker and have access to the leading Strata Insurers, including Corporate Home Unit (CHU), Strata Unit Underwriters (SUU), Flex Insurance, Axis Underwriting, Longitude and QUS.

      Residential Strata Insurance premiums are calculated on the below factors

      Location;
      How Many Units/Building Sum Insured;
      Claims History;
      Additional Benefits selected on the policy;
      Which insurer you’re insured with;

      It always pays to do a market comparison using Morgan Insurance Brokers to ensure that you are receiving the most competitive quote available.

      If you elect to insure for Machinery Breakdown Insurance under a Strata Title Policy, this will extend to cover motor breakdown to items that are in the body corporate’s common areas such as lifts, water pumps, washing machines etc. It will not cover the unit owners items, such as individual air conditioning units.

      A Strata Insurance Policy comes with many different sections. The primary covers are the building, public liability insurance, loss of rent/temporary accomodation cover and common contents cover.

      In addition to this, there are covers such as Voluntary Workers, Catastrophe Cover, Officers Bearers Liability, Lot Owners Fixtures & Fittings, Fidelity, Government Audit Costs; Legal Expenses that can be added or removed from your cover depending on the size and requirements of your building.

      Some insurers give you more flexibility to remove these covers, whilst other insurers include many of these covers as standard.

      Flood Cover is not automatic on a Strata Insurance policy and has to be requested, and approved by the insurers.

      The insured value on your Insurance Policy should be determined by a building replacement valuation conducted within the last 5 years. Each year, your building sum insured will automatically increase with CPI which can range between 3-7%

      Common Contents uner a Strata Insurance Policy will protect the common area contents owned by the building. For example, common area contents can insure if there is a front desk area that has electronics, appliances, art work etc.

      Common Contents will not extend to cover the contents of the individual lots owners.

      An Owners Corporation (formerly known as a Body Corporate) is a term used to describe a group of owners that own the property where their unit/townhouse/villa is located.

      An Insurance Broker is an experienced professional who can source strata insurance quotes on behalf of the owners corporations. Insurance Brokers put together their recommendation for the property based on many factors, not just price alone.

      A block of units could be owned by the one owner and may not require strata insurance. Strata Insurance are for properties that have multiple units, with different owners, that is registered as a strata titled property.

      If the unit/property is occupied by a commercial tenant, then you will also need to insure for Property Owners Liability. This is a Public Liability Insurance policy that will protect your liabilities in the event that your tenant, or a member of the public is injured at the unit in which you are found liable for.

      The process of determining the cost of strata insurance can be complex and multifaceted. One of the primary factors that will influence the cost is the specific risks associated with the particular strata property. This might include factors such as the location of the property, the age and condition of the building, the number and type of units, and the history of claims in the area. Insurance providers will also take into account the amount of coverage that is required.

      Unfortunately, it is not possible to insure only one side of a strata duplex. This is because both sides of the duplex are typically considered to be part of the same strata property, and as such, both units must be insured under the same policy. The reason for this is simple: if an incident were to occur that caused damage to one side of the duplex, it could very well impact the other side as well, and both owners would likely be affected by the damages incurred. Therefore, it is important to ensure that both sides of the duplex are insured together, to provide adequate protection and coverage for all parties involved.