Follow us Time:

Monday - Sunday: 9am to 9pm

Strata Insurance vs. Conventional Home Insurance: Which is Right for You?

October 6, 2023Posted at 10:03 am in

When it comes to protecting your home and investment, insurance is a crucial aspect to consider. Two common options that homeowners often find themselves deliberating are Strata Insurance and Conventional Home Insurance. Both have their merits and serve different purposes. In this article, we will explore the differences between Strata Insurance and Conventional Home Insurance, helping you make an informed decision about which one is right for you.

strata buildings insurance

Understanding Strata Insurance

What is Strata Insurance?
Strata Insurance, is a type of insurance specifically designed for owners and managers of strata properties. Strata properties are larger complex or building, such as condominiums and townhouses.

Strata Insurance typically covers common areas within the building or complex, such as hallways, elevators, and the exterior structure. It also provides coverage for shared amenities like swimming pools and gyms. However, it’s essential to note that Strata Building Security does not cover your personal belongings or the interior of your unit.

Who Needs Strata Insurance?
Strata managers and strata property owners are usually required by law to have Strata Insurance. This insurance helps protect the collective interests of all property owners within the complex.

Conventional Home Insurance

What is Conventional Home Insurance?
Conventional Home Insurance, also known as Homeowners Insurance, is designed for single-family homes or standalone properties. Unlike Strata Insurance, it covers both the structure of the detached house or unit and their residence belongings inside it.

Conventional Home Insurance provides coverage for various perils, including fire, theft, vandalism, and natural disasters like hurricanes or earthquakes. It also includes liability coverage in case someone is injured on your property and decides to sue.

Who Needs Conventional Home Insurance?
Either if you own a standalone house or a condo unit, Conventional Home Insurance is typically essential to protect your investment and personal property. It is not legally mandated like Strata Scheme Coverage but is highly recommended.

Key Differences

Now that we’ve explored the basics of both types of insurance let’s delve into the key differences:

  1. Property Type
    • Insurance for Strata Properties is for multi-unit properties like condos and townhouses.
    • Conventional Home Insurance is for standalone houses or an individual unit.
  2. Coverage
    • Strata Liability Coverage primarily covers common areas and the exterior of the building.
    • Conventional Home Insurance covers the entire structure and personal belongings.
  3. Legal Requirement
    • Strata Scheme Coverage is often legally required for strata-titled property owners.
    • Conventional Home Insurance is not legally mandated but is advisable for homeowners.
  4. Cost
    • Insurance for Strata Properties costs are typically shared among all property owners through strata fees.
    • Conventional Home Insurance costs vary based on factors like location and coverage limits.

Making the Right Choice

The decision between Strata Insurance and Conventional Home Insurance depends on your specific circumstances. Here are some factors to consider:

  • If you own a strata-titled property, Strata Property Protection is likely mandatory, so ensure you have the appropriate coverage.
  • If you own a standalone home, Conventional Home Insurance provides comprehensive protection for both your property and belongings.


In conclusion, Strata Insurance and Conventional Home Insurance serve different purposes and cater to distinct property types. To make the right choice, assess your property type and insurance needs carefully. Ultimately, insurance is an investment in safeguarding your home and peace of mind.

Read about more types of House Insurances here – Click Here


1. Can I have both Strata Insurance and Conventional Home Insurance for extra protection?
Yes, you can have both types of insurance if you own a strata-titled property. Multi-Unit Insurance covers common areas, while Conventional Home Insurance protects your personal belongings.

2. What factors influence the cost of Conventional Home Insurance?
The cost of Conventional Home Insurance depends on factors such as the location of your home, its replacement value, and the coverage limits you choose.

3. Can I customize my Conventional Home Insurance policy?
Yes, most insurance providers offer customizable policies. You can tailor your coverage to suit your specific needs and budget.

4. Is Insurance for Strata Properties mandatory in all regions?
The requirement for Insurance may vary by region and local laws. It’s essential to check with your local authorities and strata council to understand the specific regulations in your area.

Get a free quote for Home insurance here.


All our agents are waiting and ready to assist you on our working hours


AMC Insurance Acquires All Risk Insurance Agencies Ltd.
Our New office in Downtown Vancouver is located at 206 Davie St, Vancouver, BC V6B 5Z6

Call Now ButtonCall Now