Whether you own a townhouse, unit, apartment, or strata business where you share common space with others, you do not want to be left to foot the bill if there’s damage to shared parts of the building or items. So it’s important to protect the property, and your back pocket with the right strata insurance.

Residential strata insurance is compulsory in every state, so if you’re part of an owners’ corporation in a townhouse, unit, flat, apartment, or duplex, the owner’s corporation will need strata insurance. Owners of commercial or industrial strata buildings should also arrange strata insurance.