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Strata Insurance

Jointly owned property (JOP) is the term used to describe a building or land that has been divided into units and where part of the land or building is designated as common areas. Strata insurance policies are designed to protect the common areas of jointly owned residential property, group, and community title properties, body corporates, owners corporations, and strata managers. Strata Insurance is part of our Commercial Insurance policies.

Strata Insurance

Why Do I Need Strata Insurance?

Ideal for residential landlords of strata properties, unit owners, and owners corporations, strata insurance provides the peace of mind that comes with knowing your strata property is covered in the event of damage to common areas. A strata insurance policy generally covers properties within the one building or complex. Strata insurance normally covers damages caused to the covered property outlined in the policy building(s), parking, and other common property within the lot or complex.

What does Strata Insurance Cover?

Strata insurance generally covers the building, common property, and contents as defined on the title for the property. Strata policies typically cover common property damage that the average home policy does not cover. This may include:

  • Common areas, such as:
    • car parks, stairwells, lifts, gardens, and common floors, walls, and ceilings
    • communal furniture, equipment, and appliances
    • fixtures and fittings that cover common areas of the building such as ducted air conditioning, balconies, water pipes, and sewage pipes
  • Garden areas and garden equipment
  • Wiring and lifts
  • Swimming pools
  • Car parks/ports
  • Walls, windows, ceilings, and floors

Strata insurance also covers events like theft of common area contents, repairs to damaged property managed by the owner’s corporation, and the cost of recovery if disaster strikes are also included in strata insurance.  

What does Strata Insurance Typically NOT Cover?

Strata insurance is designed to protect common property or lots. Both residential strata and commercial strata insurance policies do not cover any damage to personal contents in individual units or lots. However, additional coverage may be purchased for personal property.

How Much Does Strata Insurance Cost?

The price of your strata interruption insurance can vary depending on a variety of factors. For example, if your covered property is in an area more prone to natural disasters, such as hurricanes or tornadoes, you may have higher premium costs. 

The cost of your policy will vary based on the following factors:

  • Age of your property
  • Condition of your property
  • Risk profile of location
  • History of previous claims

How Much Strata Coverage Do I Need?

Like other insurance policies, strata insurance typically has a coverage limit. This limit established the maximum amount your insurer will pay toward a covered claim. Any financial loss that exceeds your coverage limit is the responsibility of the policy holder. Working with your insurance professional, you’ll determine the exact amount of coverage needed to protect your strata property.

Your coverage limits will take the following into consideration:

  • The size of your strata property
  • The location of your common property
  • History of previous claims for professional negligence
Strata Insurance

Protection for Your Joint Property & Common Areas

Understanding how strata coverage will protect your residential strata or commercial strata property can help you be more prepared in the event of an unforeseen disaster. At Petra, our team of insurance professionals are here to help you protect your interests – both personal and professional. 

Lenin Raphael
Lenin Raphael
2024-05-15
Just purchased my second car insurance policy from Ishan Ullah. Great Service. Proactive. Responsive. Highly Recommended! Looking forward to coming back to Ishan next year for my third policy. Thanks Ishan!
Zahid Iqbal Sheikh
Zahid Iqbal Sheikh
2024-05-02
I bought a car insurance from here and the experience was smooth. I was assisted by Mr. Prathvi Singh along the way. Despite a minor issue, he was able to handle the issuance properly with his responsiveness and proficiency. I truly appreciate their dedication to client satisfaction. Highly recommend!
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sakthi kumar
2024-04-29
Good Followups & very friendly
Salman Ali Shahid
Salman Ali Shahid
2024-04-29
We have been dealing with petra for a very long time. A problem that occurred to our building. And Mr. Adrian was the person in charge who had to complete all the tasks. He has completed his required job and he has done an excellent work due to which we have ontained our refunds back from the insurance. And also the required approvals on timister. Adrian was well prompt office work and also was very. Quick and responding to all the corespondence Either through WhatsApp or email promptly, so the appreciation goes towards the good job done.
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Sam Sadmi
2024-03-13
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saji velayudhan
2024-03-12
Recently I had purchased vehicle insurance policy through Petra insurance broker LLC. My insurance advisor Mr. HERO BULACAN really put his maximum effort for my requirements and assisted in getting an optimum policy. It is worth mentioning that I was also approached other brokers, but unable to get a good deal. Mr. Hero is very transparent and prompt in response. Getting an agency repair within your budget is a challenging task which Mr. Hero has done it in a systematic manner. Thanks for that.
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Sonya Coates
2024-03-12
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Mohannad Alkhofash
Mohannad Alkhofash
2024-03-11
Excellent experience with Petra Insurance Broker! Their service is top-notch, and the website is user-friendly. Special thanks to Prathvi for making the process smooth and being incredibly helpful.
Natasha Wanda Noval
Natasha Wanda Noval
2024-03-09
This is to express my sincere gratitude for the exceptional service we received during our recent motor insurance renewal. I would like to specifically thank Nishad and Prathvi for going above and beyond to assist us even if it’s weekend. Their willingness to help made the renewal process smooth, efficient and just be on time of our renewal date. Thank you once again for the outstanding customer service.

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