With rising costs of living, an ageing population and skyrocketing housing prices, an increasing numbers of Australian families are turning away from the traditional quarter acre version of the Australian dream in favour of smaller, more affordable options.

Demand for units, townhouses and apartments continue to rise across the country and for many homebuyers and investors, this often means dealing with strata property.

According to the last Census conducted by the Australian Bureau of Statistics, the number of flats, units and apartments in Australia now stands at close to 1.1 million. This figure accounts for 14.2 per cent of all private dwelling in Australia and is up more than 150,000 since the previous Census in 2001.

There are lots of attractive reasons for choosing strata property – community living options can offer greater security and increasingly offer access to common property facilities and shared maintenance costs.

When it comes to insurance, EBM Insurance Brokers Managing Director Jeff Adams said there is more to covering a strata property than just the building.

“Understanding the insurance requirements of strata properties can often be challenging as strata laws vary greatly from state to state,” Mr Adams.

“Generally the Body Corporate is responsible for insuring the building, however it is always worth checking the Body Corporate insurance to find out what kind of cover it provides.

“It needs to be emphasised however that strata insurance involves more than just your unit and consideration must be given to responsibilities for buildings, common property, office bearers’ liability and personal accident cover.”

EBM offers a wide range of products that can suit individual strata property needs and can also tailor products to owners’ requirements. For more information call 1300 INSURE (1300 467 873) or visit www.ebminsurance.com.au