Strata insurance is a type of insurance that protects a strata corporation (also known as a body corporate or homeowners association) and its individual unit owners from financial losses due to property damage, liability claims, or other covered events.

This coverage typically includes:

• Building insurance: Covers damage to the common property of the strata corporation, such as the building structure, common areas, and shared facilities.
• Common area liability: Protects the strata corporation from lawsuits brought against it by third parties for injuries or property damage caused by the common property.
• Unit owner liability: Protects individual unit owners from lawsuits brought against them by third parties for injuries or property damage caused by their unit or actions within their unit.
• Loss of rental income: Covers lost rental income if units are uninhabitable due to a covered event.
• Additional living expenses: Covers additional expenses incurred by unit owners if they are forced to relocate due to a covered event.