WHAT IS STRATA?
A common question with regard to property is: What is Strata?
Strata title is actually an Australian innovation in property law that has been copied around the globe.
Strata titles allow individuals to own part of a property (usually a unit, an apartment or a townhouse), combined with shared ownership of what is called ‘Common Property’ (e.g. a driveway, foyers, gardens) through a legal entity called the owners corporation — or body corporate, strata or community association, depending on where you live and the type of scheme. According to Strata Community (SCA) Australia, there are more than 2.6 million strata lots across Australia equating to over 26% of the population living in a strata dwelling, and this figure is expected to rise to 50% by the year 2030.
Strata insurance has been specifically designed to cover all residential and commercial buildings under the strata scheme. Covers available include the legal liability and common area contents owned by the strata title, body corporate or community title. A Home and Contents policy will not provide you with the cover you need, if you own a Strata property.