One of the many functions of an Owners Corporation include, but is not limited to, taking out, maintaining and paying premiums on insurance required or permitted by any Act or by Part 3 and any other insurance the Owners Corporation considers appropriate.

An Owners Corporation must take out reinstatement and replacement insurance for public liability and all buildings on the common property.


Per the Owners Corporation Act 2006, an insurable building includes any building on the plan of subdivision and

(a) any improvements and fixtures forming part of the building; and 

(b) anything prescribed as forming part of a building – 

but does not include – 

(c) carpet and temporary floor, wall and ceiling coverings; or

(d) fixtures removable by a lessee at the end of a lease; or 

(e) anything prescribed as not forming part of a building.


In trying to understand these regulatory requirements and assess your insurance options, it will likely assist to utilize a broker’s knowledge and experience to remain current on the evolving marketplace and key risks to be aware of. 

What does Strata Insurance Cover in Victoria?

It is important to note that not all policies are created equal. You can speak to a specialist to ensure your property needs are being addressed and delivered. Key coverages to understand and consider as follows:

Building and Common Property

Protection for the common and physical assets against accidental loss of damage.

Legal Liability

Indemnifies the Owners Corporation against Legal Liability towards personal injury or property damage.

Voluntary Workers

This section of cover provides compensation for loss of income to a person, or their estate, when they sustain bodily injury whilst voluntarily working on behalf of the Body Corporate.

Office Bearers Legal Liability

Protects office bearers and committee members against legal liability to pay compensation for wrongful acts, errors or omissions in carrying out their duties.

Fidelity Guarantee

Provides protection against the fraudulent misappropriation of funds.

Machinery Breakdown

Protecting your machinery, plant and equipment from unforeseen loss and breakdown events.

Catastrophe Cover

Protection against the sudden escalation of building costs and time to reinstate following a declared catastrophic event.

Legal Defence Costs, Government Audit and Health & Safety Breaches

Coverage and protection for professional fees and legal expenses in defending actions brought against the Owners Corporation.

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