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Do I need insurance if my property is managed by strata?

Published 9 August 2019

With several types of insurance available to homeowners and renters, it helps to know exactly what insurance to get if you live in a strata-managed property.

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If you own or rent an apartment, townhouse, unit or any other dwelling in a residential complex, you may be unsure what’s protected by your strata’s insurance and what you need on top of this.

While some areas of your complex and dwelling are already insured by your strata, it pays to ensure that valuables in your home are covered.

What is strata insurance?

Strata insurance covers shared or common property in a strata-managed complex, owners’ corporation or body corporate-managed complex. 

Generally this covers external areas such as balconies, common-area gardens and barbeques, pools and tennis courts, intercoms and garages. It could also include cover for anyone working onsite on behalf of strata.

The payment of strata insurance premiums are shared between owners of property titles and they’re usually included as part of strata fees and levies. 

It’s worth noting that strata laws and strata insurance differ state by state. For example, in NSW strata won’t cover paint and wall paper, while in Queensland strata doesn’t cover air conditioning units.  So it’s a good idea to do some research to understand what you’re covered for under your state’s legislation.

What does strata insurance cover?

Here’s what you can expect strata insurance to cover:

  • building fixtures such as pipes, hot-water systems, intercoms and air-conditioners
  • common property including gardens, lobbies, car parks, pools and stairwells
  • common contents such as shared outdoor furniture and gym equipment
  • public liability insurance that covers common property.

What strata insurance doesn’t cover

Strata insurance doesn’t cover belongings inside your property or anything that is not permanently attached to the building. Generally speaking, items that aren’t covered by strata insurance include internal fittings and fixtures, lights, carpets, floorboards, furniture, electrical items, jewellery and other personal belongings. 

If you’re renting out your property it’s worth keeping in mind that strata insurance doesn’t cover theft or interior damage by tenants, legal fees resulting from taking action against tenants, or loss of rent if a tenant doesn’t pay. 

If you want to insure your belongings against loss, theft or damage or protect yourself from potential issues with your tenants, you can take out contents insurance or landlord insurance.

What is contents insurance?

Contents insurance is designed to financially protect your personal belongings from loss or damage from defined events such as flood, fire, theft and accidental breakage (if you have chosen accidental damage as an optional benefit). It can be taken out by an owner-occupier to cover personal items and certain household fittings such as expensive taps or light fixtures. Renters’ personal belongings can be covered by this type of insurance also.

To learn more about home and contents insurance make sure to check out our answers to frequently asked questions.

What does contents insurance cover?

Most household items that aren’t permanently fixed to the building will be covered by contents insurance including furniture, carpets, floating floor boards, blinds or curtains, electronics and appliances, clothing, jewellery, and other personal possessions.

If you have particularly valuable items such as engagement or wedding rings, mobile phones, family heirlooms, artwork, TVs or laptop and any other costly items are generally also covered under content insurance.  For ANZ Contents insurance or Home and Contents insurance the maximum payout is $3000 per item for valuables, so if you have individual items worth more than this you may want to consider topping up your cover by specifying the item and the value you wish to insure the item at.

In addition, you can take out portable-contents insurance to guarantee that important items are covered while using them away from the home. At ANZ, you can individually cover high value items up to a maximum value of $40,000. This way you’ll be offered peace of mind knowing your treasured possessions are completely covered for what they’re worth.

If you’re curious about how you can best protect your belongings you can read our tips for getting more from your home insurance.

The benefits of contents insurance for strata property

Whether you’re a homeowner or renter there are plenty of benefits to taking out contents insurance to protect your valuables from loss due to unexpected accidents, damage or theft. So it pays to be prepared by sufficiently protecting yourself from the sudden costs of replacing or repairing items.

ANZ Contents Insurance provides several advantages including:

What’s the difference between contents insurance and strata insurance?



Contents insurance

Strata insurance

Managed and paid for by



Cover for buildings



Common property such as pipes and balconies



Cover for non-fixed items (such as carpets, light fittings, blinds)

Within your dwelling

In common areas

Cover for furniture

Within your dwelling

In common areas

Cover for personal belongings




To read more about the different types of insurance available and to ensure you’re sufficiently covered against loss, damage or theft, make sure to check out our home insurance learning centre.

Find out more about ANZ Contents Insurance

Discover more

Learn more about ANZ Contents Insurance.

Find out more

Get a quote online

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This information is current as at date of publication and is subject to change.

ANZ Home Insurance is issued by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545) (QBE) and distributed by ANZ under its own license. ANZ recommends that you read the ANZ Financial Services Guide (PDF 179kB), ANZ Home Building Key Facts Sheet (PDF 130kB), ANZ Home Contents Key Facts Sheet (PDF 130kB)ANZ Home Insurance Target Market Determination (PDF 199kB) and the ANZ Home Insurance Product Disclosure Statement (PDF 548kB) (available by calling 13 16 14), before deciding whether to acquire, or to continue to hold, these products.

Although Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522 AFSL 234527 distributes these products, ANZ does not guarantee or stand behind the issuers or their products.

This information is of a general nature and has been prepared without taking account of your objectives, financial situation or needs. You should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. 

The ANZ App is provided by ANZ. Super, Shares and Insurance (if available) are not provided by ANZ but entities which are not banks. ANZ does not guarantee them. ANZ recommends that you read the ANZ App Terms and Conditions available at and consider if this service is appropriate to you prior to making a decision to acquire or use the ANZ App.

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If your contents suffer loss or damage in an insured event and your claim is accepted, we’ll choose to either: repair or replace an item; or pay the cost of its replacement or repair. Subject to total contents sum insured and any applicable limits. Refer to the ANZ Home Insurance Product Disclosure Statement (PDF 548kB) for a full list of conditions, limits and exclusions that apply.


We do not cover loss or damage caused by a bushfire, flood or named cyclone that occurs within 48 hours of the start of your policy.


We do not cover the cost to repair or replace an electric motor if it is older than 15 years old. Electric motors are covered if under 15 years old.


Contents cover for up to 120 consecutive days away from home. We’ll pay:

- up to the contents sum insured whilst in Australia or New Zealand
- the lesser of 25% of the sum insured or $15,000, whilst outside Australia and New Zealand.