Strata Insurance:
Simple cover for shared spaces
The Lowdown
Strata insurance (or Body Corporate insurance) is what covers the bits of a building that everyone shares—the roof, the lifts, the driveway, and the balconies. In the past, this has been a playground for hidden commissions and kickbacks.
Luma fixes that by providing transparent, fair-fee cover that protects the collective.
What It Protects Against
Damage to the common property structure, public liability for shared areas, and “office bearer” liability for the people on the strata committee.
Who Needs It
Body corporates, strata managers, and owners in a shared complex (apartments, townhouses, or commercial blocks).
FAQs
Why is our premium so high compared to last year?
It’s often because of “hidden” commissions being taken by brokers or strata managers—sometimes up to 40%!
At Luma, we strip those out. You pay the real price of the insurance plus a flat, clear fee. It’s often the easiest way to lower your strata levies.
Does this cover the stuff inside my apartment?
Generally, no. Strata covers the “shell” of the building and the common areas. You still need your own Landlord or Contents policy for your carpets, blinds, appliances, and personal belongings.
Think of it as: Strata covers the building; you cover the home.
What is 'Office Bearers' liability?
If you’re on the strata committee, you’re making decisions for the whole building. If a lot owner sues the committee for a bad decision (like failing to fix a leaky roof), this cover protects your personal assets from the legal fallout. It makes being on the committee a lot less scary.