Case Study



Insurance of a building is almost always held by the Owners Corporation. The Act states that an Owners Corporation must take out insurance for several key components which include;

  • Public Liability Insurance
  • Reinstatement and Replacement Insurance

The Owners Corporation may also take out additional insurance if deemed necessary. In general, most strata specific polices are tailored for Owners Corporations. The document listing the main components of the insurance policy is called a Certificate of Currency (COC).


Policies may differ between buildings and Owners Corporations, so it is important to review the Product Disclosure Statement (PDS) provided by the insurer or broker. This sets out what is covered and what is excluded, and may assist with arranging adequate cover for your private property, contents or otherwise.


Copies of both documents are always available on the Owners excluded and or download at your leisure. Alternatively, Horizon can provide you with a copy of the COC or PDS for your building upon request.


Private Property Cover


We strongly recommend all Lot Owners consider taking Contents/Liability Insurance (Owner Occupiers) and or Landlords Insurance (where their Lot/Unit has been tenanted).


Important Note: the Owners Corporation’s Strata Policy extends to the Building.


*Building is generally defined as follows: building or buildings as defined in the Strata Legislation applying where your building is situated, including, but not limited to: anything permanently built, constructed or installed on your property; outbuildings; blinds or awnings on the outside of the building; structural improvements; gates/fences; blinds/awnings installed on the outside of the building; in-ground swimming pools/spas; marinas, wharves, jetties, docks, pontoons, swimming platforms, or similar type facilities (whether fixed or floating) which are used for non-commercial purposes and which do not provide fuel distribution facilities, unless we are advised and otherwise agree in writing; satellite dishes, radio, television and other antennas including their associated wiring, masts, footings, foundations, moorings and towers; underground and overhead services including pipes and cables; that you own or have legal responsibility for at, in or adjacent to your Situation.


*Building does NOT include: commercial/retail fit-outs by the tenant; carpets; floating floors (unless selected under the Optional Benefit); illegal installations; freestanding appliances such as dishwashers, washing machines and dryers; computers, electronic and electrical equipment, garden equipment; Lot Owners’ business and personal effects, furniture, furnishings, carpets, and floor rugs; blinds and window coverings within a Lot/Unit; and items not permanently fixed to the Building.


* Advice and definitions are provided for general reference only.


* Members should always review their policy and PDS before making a decision.


Insurance Claims

If you suffer a loss in relation to your Lot, it may be subject of an insurance claim through the Owners Corporation’s policy. The best course of action if you are unsure is to contact Horizon for information. We are happy to seek advice on your behalf from the Insurer or Broker as to whether there is a potential claim for the loss.


It is important to note that neither the Owners Corporation nor Horizon make a decision on whether the claim is valid, approved or rejected. The decision to accept or reject the claim is made by the Insurer.