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07 5662 3592
Block of flats insurance, also referred to as unit block insurance or non-strata building insurance, covers residential investment properties that contain multiple dwellings under a single freehold title. These are buildings that sit outside the strata title system, meaning there is no owners corporation and no shared policy to fall back on. The entire risk sits with the property owner.
At Strata Building Insurance Brokers, we work with landlords and investors who own everything from small two-unit blocks through to larger residential complexes. We know that insurers treat these properties differently to standard home and contents policies, and we know which insurers genuinely understand the risk and which ones do not.
We place insurance that is designed for multi-dwelling investment properties, not repurposed home and contents policies.
Send us your property details and in most cases we will have a quote back to you the same day.
We compare options across multiple insurers to find cover that suits the building and the way it is used.
Our obligation is to you as the property owner, not to the insurer. Always.
Tell us the property address, number of units, and how the building is used. We take it from there.
We approach our insurer panel with the specifics of your property and identify policies that are genuinely suited to multi-dwelling investment buildings.
You receive a clear breakdown of cover, exclusions, and pricing in plain language. No jargon, no pressure.
Once you approve, we bind the policy and send through all documentation. Your building is covered and the paperwork is done.
Block of flats insurance covers a residential building containing multiple dwellings that is owned under a single freehold title, outside of any strata title arrangement. Strata insurance is held by an owners corporation and covers common property within a strata scheme. If you own the whole building outright and there is no strata plan registered, you need a non-strata multi-dwelling policy, not a strata policy.
A purpose-built policy for a unit block or block of flats generally covers the building structure against insured events such as fire, storm, water damage, impact, and malicious damage. It should also include public liability cover for the property. Depending on the insurer and policy, additional covers such as loss of rent, landlord contents, and accidental damage may also be available.
Building insurance covers the structure of the property. Landlord insurance typically covers loss of rent, tenant-related damage, legal liability, and sometimes landlord contents. These two products serve different purposes and for most investment property owners, having both in place gives the most complete protection. We can advise on what combination makes sense for your situation.
There is no legislation that compels a freehold property owner to hold building insurance in the same way that strata legislation compels owners corporations. However, if the property carries a mortgage, the lender will almost certainly require a current building insurance policy as a condition of the loan. Beyond that, the financial exposure of being uninsured on a multi-dwelling investment property makes it a straightforward decision.
Premiums are based on a range of factors including the building’s replacement value, location, construction type, number of units, age of the building, and claims history. Older buildings and those in areas exposed to natural hazards such as flood or cyclone can attract higher premiums. We go to market across our insurer panel to find competitive pricing for the level of cover your building needs.
The replacement value is what it would cost to demolish and rebuild the property from scratch at today’s construction costs. The market value is what the property would sell for. These two figures can be very different, and it is the replacement value that needs to drive your sum insured, not the purchase price or the current market value. Getting this wrong is one of the most common and costly mistakes investors make.
Loss of rent cover can be included as part of a landlord or investment property policy when a unit becomes untenantable following an insured event such as fire or storm damage. The specific terms, including the waiting period and the maximum benefit period, vary between insurers and policy wordings. We can help you identify what is actually included and what is not before a policy is bound.
Vacancy is a factor that insurers take into account when underwriting a multi-dwelling property. Extended vacancy, particularly across multiple units, can affect both the availability of cover and the premium. It is important to disclose the occupancy situation accurately and to notify your insurer if vacancy levels change materially during the policy period. We can help you find an insurer who takes a sensible approach to this.
When a claim is lodged, the insurer assesses the damage against the policy terms and determines cover. Having a broker involved in the claims process can make a real difference. We can help you navigate the process, liaise with the insurer on your behalf, and make sure the claim is being handled properly from the start.
Use the quote form on this page or call us directly. It helps to have the property address, number of units, construction type, and current sum insured on hand. We move quickly and can usually get a quote back to you the same day, so reach out and we will get things moving.
