Strata insurance protects a body corporate’s building, common property, shared assets and liability risks. The body corporate or owners corporation arranges the policy, usually with help from an insurance broker. It does not normally cover an owner’s contents, lot improvements, renovations or tenant damage inside an individual lot.
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What common property strata insurance normally covers
Strata insurance Queensland schemes arrange cover for the shared parts of a building and the property managed by the body corporate.
Depending on the policy wording, cover may include:
- The main building, including roofs, external walls, foundations, windows and shared services.
- Common contents such as furniture, carpets, equipment and other assets in shared areas.
- Foyers, stairways, lifts, pools, gyms, driveways, fences and landscaping structures.
- Public liability for injuries or property damage in common areas.
- Office bearers or management liability for certain wrongful acts, errors, omissions or breaches of duty.
- Machinery breakdown for items such as pumps, lifts, air-conditioning equipment and electrical machinery.
- Loss of rent, alternative accommodation or loss of contributions following an insured event, where the policy includes those benefits.
- Voluntary worker personal accident cover for people carrying out approved unpaid work for the body corporate.
The exact protection depends on the policy schedule, definitions, limits, extensions, exclusions and excesses.
For a broader overview, see Strata Insurance at a Glance.
What strata insurance usually does not cover
Strata insurance is not a complete personal insurance policy for every owner.
Common exclusions or limitations include:
- Furniture, appliances, carpets, curtains and other contents inside a lot.
- Lot improvements, renovations and fixtures that are outside the body corporate’s responsibility.
- Damage caused by a tenant inside a lot.
- Loss of rent or alternative accommodation that is not connected to an insured event or included extension.
- Wear and tear, poor maintenance, gradual deterioration and some forms of seepage.
- Defects, faulty workmanship or unrepaired building problems, depending on the circumstances.
- Certain fencing, retaining structures, earth movement or erosion risks.
- Flood, storm surge, groundwater, sewer backup or overland flow where specifically excluded.
- Sub-limits for pumping, cleanup, debris removal or particular types of water damage.
- Separate excesses for flood, storm, cyclone, water damage or other weather events.
Lot owners should arrange suitable contents, landlord, personal liability and loss-of-rent protection for their own circumstances.
How much does strata insurance cost in Brisbane in 2026?
There is no single strata insurance cost for Brisbane. Premiums are based on the building’s risk, not simply its location or number of units.
As a broad budgeting guide, many ordinary metropolitan Brisbane schemes may fall around $600 to $1,200 per lot per year. Smaller, older or higher-risk schemes can sit outside this range. A high-rise with lifts, basement parking, pools and complex services may cost considerably more overall.
A rough internal budgeting lens can also be around $80 to $250 per $100,000 of building sum insured each year. This is only an indicative planning measure, not a quotation. It can move significantly for flood exposure, cyclone risk, building defects, claims history and special excesses.
Premiums may be higher in areas affected by river catchment flooding, including parts of Brisbane near the Brisbane River and connected waterways. Coastal and northern locations such as the Gold Coast, Sunshine Coast, Cairns and Townsville may also face higher storm, cyclone or coastal-water exposure.
A committee should compare quotations on identical terms. A lower premium may come with a higher excess, a flood exclusion, reduced machinery cover or a lower sub-limit.
What pushes the premium up or down?
Insurers may assess:
- Previous claims and the frequency of water, storm or liability claims.
- Building age, construction materials and roof condition.
- Coastal, cyclone and severe-weather exposure.
- Flood mapping, overland flow and river catchment risk.
- The condition and maintenance of common property.
- Defect, repair and leak history.
- The number of lots and how fixed costs are shared.
- Pools, lifts, gyms, basement car parks and other shared facilities.
- The accuracy and age of the replacement-cost valuation.
- Security, fire protection, drainage, pumps and emergency planning.
- The structure of standard and special excesses.
The risk profile can differ across Brisbane. A tower in Brisbane CBD, Fortitude Valley, Newstead, Teneriffe, West End, South Brisbane or Kangaroo Point may have lifts, basement parking and complex plant. A townhouse scheme in Indooroopilly, Chermside, Carindale or Wynnum may have different responsibilities for roofs, driveways, fences and freestanding buildings.
The underinsurance problem is getting harder to ignore
The insured sum should reflect the cost to rebuild, not the property’s market value or land value.
Rebuild costs have increased through labour shortages, material prices, demolition expenses, professional fees and changes required during reinstatement. A valuation that was accurate several years ago may no longer be enough.
Indexation can help, but it is not a substitute for a proper replacement-cost valuation. A valuation should consider:
- Current construction and demolition costs.
- Debris removal and professional fees.
- Lifts, basements, pools, plant and shared facilities.
- Difficult access and restricted urban sites.
- Inflation during the claims and rebuilding period.
- Code, safety and compliance requirements.
- Extensions, renovations and new common-property assets.
A regular valuation is especially important after major works, a new basement installation, a significant claim or a material change in construction costs.
Committee responsibilities include more than choosing a premium
The committee should start with the survey plan, asset register, previous valuation and current policy wording.
It should also understand what the body corporate is responsible for and what each owner must insure. This can be particularly important for roofs, balconies, garages, retaining walls, courtyards and shared services.
Legal liability cover may respond when the body corporate is legally liable for injury or property damage connected with common property. Management liability or office bearer cover may respond to allegations involving decisions, omissions, wrongful acts or breaches of duty.
These sections are not automatic protection for every dispute. They may not cover deliberate conduct, known circumstances, professional negligence or matters that belong under another policy. The committee should ask for a plain-English explanation of the limits and exclusions.
For broader risk planning, Business Insurance Consulting also provides guidance through Insurance Broker Brisbane, Business Insurance Brisbane and Commercial Insurance Brisbane.
Works, defects and repairs can affect cover
Unresolved leaks, defective balconies, damaged roofs, poor drainage and failing pumps can influence both underwriting and claims.
Insurance is designed for sudden and accidental damage. It is not a maintenance plan. A policy may respond to resulting damage while excluding the cost of correcting the original defect.
Before renewal, the committee should document:
- Open repair items.
- Dates and scopes of completed works.
- Contractor reports and maintenance records.
- Pump, roof, drainage and fire-system inspections.
- Any known defect or water-ingress history.
- Temporary repairs and permanent repair plans.
This evidence can help explain the risk and demonstrate mitigation.
How per-lot and per-occurrence excesses work
An excess is the amount retained by the insured before the policy responds.
Some schemes have a standard excess. Others also have special excesses for water damage, storm, flood, cyclone, escape of liquid or other events. The excess may apply per lot, per claim or per occurrence, depending on the wording.
A committee should ask:
- What is the standard excess?
- Are there separate weather or water excesses?
- Can more than one excess apply to the same event?
- Who pays when one lot is affected?
- Who pays when common property or several lots are affected?
- Could the excess create an unreasonable burden for one owner?
- Is the premium saving worth the additional retained risk?
A low premium with a $10,000 or $20,000 special excess may not be good value for a smaller scheme.
If your committee wants a plain-English review of excesses, underinsurance or renewal options, explore insurance consulting Brisbane services, call 0412 212 099, email craig@businco.com.au or visit businessinsuranceconsulting.com.au.
Storm, hail and basement flooding need specific attention
Queensland strata claims are often shaped by storms, hail, heavy rain and river catchment flooding.
Basement and car park inundation should be reviewed separately. A limited pumping or water-removal benefit is not the same as cover for damaged pumps, electrical switchboards, storage cages, vehicles, wall finishes or business interruption.
Check whether the policy distinguishes between:
- Stormwater and flood.
- Overland flow and groundwater.
- Sewer backup and blocked drains.
- Wind-driven rain and storm surge.
- Cyclone damage and ordinary storm damage.
- Pumping, cleanup and debris removal.
- Damage to plant and electrical equipment.
Useful mitigation may include pump testing, backup power, alarms, backflow prevention, clear drainage and an emergency response plan.
A disciplined claims process protects the scheme
Notify the body corporate, broker or insurer as soon as practical after an incident.
Make the area safe first. Then:
- Photograph and video the damage.
- Record when the event occurred and how water entered.
- Keep damaged items where safe.
- Save invoices for emergency work.
- Take notes from contractors and witnesses.
- Prevent further damage where reasonably possible.
- Avoid admitting liability.
- Do not authorise major permanent repairs before claim requirements are clear.
- Keep a written record of committee decisions.
Business Insurance Consulting can assist with the process through Claims Assistance Insurance Broker Brisbane.
Mid-renewal check: compare protection, not just price
If your committee is reviewing a renewal in Brisbane, Ipswich or elsewhere in Queensland, ask for a side-by-side comparison of the sum insured, flood treatment, liability limits, machinery cover, management liability, loss-of-contributions benefits, exclusions and every excess.
For related property risk, review Commercial Property Insurance Brisbane.
Bookmarkable strata insurance renewal checklist
Before approving renewal, confirm that the committee has:
- Current survey plan and asset register.
- Replacement-cost valuation or a documented reason to obtain one.
- Accurate building sum insured.
- Basements, lifts, pools, gyms, pumps and plant included.
- Flood, storm, hail, cyclone and water-entry terms checked.
- Public liability limit reviewed.
- Office bearer or management liability reviewed.
- Machinery breakdown and voluntary worker cover checked.
- Claims history and open repairs disclosed.
- Defect, leak and maintenance records available.
- All standard and special excesses recorded.
- Owner responsibilities explained.
- Quotations compared on matching terms.
- Emergency claims contacts saved.
The same preparedness mindset can also highlight related needs such as Property Management Insurance Brisbane, Real Estate Insurance Brisbane, Professional Indemnity Insurance Brisbane and Cyber Insurance Brisbane.
The right strata insurance Brisbane policy is not always the cheapest option. It is the policy that covers the correct property for a defensible replacement value, addresses flood and basement risks, provides workable liability protection and gives owners a clear explanation of every limit and excess.
Frequently asked questions
What does strata insurance cover in Brisbane?
Strata insurance usually covers the building, common property, shared contents and liability risks connected to common areas. It may also include options such as machinery breakdown, loss of rent, alternative accommodation or office bearer cover, depending on the wording.
How much does strata insurance cost in Brisbane in 2026?
There is no fixed Brisbane price. Many metropolitan schemes may budget around $600 to $1,200 per lot per year, but the real cost depends on flood exposure, building age, claims history, shared facilities, valuation accuracy and the excess structure.
Does strata insurance cover contents inside my apartment?
Usually no. Strata insurance does not normally cover furniture, appliances, curtains, electronics or other personal contents inside a lot. Owners and landlords usually need their own cover for those items.
Does strata insurance cover flood and storm damage in Queensland?
Sometimes, but not always in the same way. Some policies include storm cover but restrict flood, overland flow, groundwater, sewer backup or storm surge. The committee should check the wording, sub-limits and excesses carefully.
Who arranges strata insurance for a body corporate?
The body corporate usually arranges the policy, often through the committee or a strata manager, with help from an insurance broker. The key point is making sure the cover matches the building, common property and risk profile.
Can the committee change insurer mid-term?
Sometimes, but it depends on the policy terms, timing and the body corporate’s decision process. Before making a change, the committee should check cancellation terms, refunds, new waiting periods, exclusions and whether the replacement policy improves protection overall.
If your committee wants help reviewing strata insurance in Brisbane, contact Business Insurance Consulting on 0412 212 099 or craig@businco.com.au. You can also start here:
Business Insurance Consulting Pty Ltd ABN 18 646 168 096 CAR No: 1278410 Authorised Representative of Community Broker Network – AFSL 233750
What has been the biggest strata insurance challenge for your committee: rising premiums, replacement valuations, flood cover, repairs or excesses?
Disclaimer: This info is general advice only and doesn’t consider your personal goals or financial situation. Before making a decision, please read the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD).
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