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TIO Territory Home is a home and contents insurance policy issued by Allianz Australia Insurance Limited trading as Territory Insurance Office (TIO). For a strata owner, the key question is not simply whether the policy offers buildings or contents cover: it is whether the cover you select fits alongside the body corporate’s insurance and covers the property and belongings for which you are responsible.
The policy can include buildings, contents and legal liability cover, with optional additions. Your policy schedule—not a general review—sets your cover choices, sums insured, limits, excesses, premium and insurance period. The policy documents in the official index apply to policies effective from 14 January 2025; the linked Product Disclosure Statement (PDS) was prepared on 1 September 2024.
What does TIO Territory Home cover for strata owners?
The PDS describes buildings and contents cover, and legal liability cover included with buildings and/or contents cover, subject to the policy terms. Optional additions include accidental damage, disaster cover and portable contents. Which options and limits apply to you depends on your policy schedule and the wording applicable to your policy.
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CHOICE describes the reviewed policy as a standard-sum-insured policy, says accidental damage is optional and lists legal liability cover up to $20 million. Treat that liability figure as CHOICE’s summary, not as a substitute for checking the limit and terms in your own schedule.
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The PDS states, “It is up to you to choose the cover you need.” For a strata owner, that means assessing both the cover required for your belongings and any building-related responsibility that may fall to you under your scheme’s arrangements.
How to assess the policy against your strata insurance
There is no universal answer to what an individual strata scheme insures. The PDS says buildings cover is generally designed for freehold houses and distinguishes buildings cover from contents cover. Your body corporate’s policy and scheme documents are essential to understanding what is insured for your particular unit and which responsibilities remain yours.
- Get the scheme documents. Ask the strata manager or body corporate for the current building insurance details and documents explaining the scheme’s insurance arrangements and owner responsibilities.
- Compare those documents with the TIO PDS. Check how the policy defines buildings, contents, fixtures and any relevant exclusions. Do not assume that an item is covered by one policy simply because it is part of or inside your unit.
- Check your schedule and contents needs. Confirm the contents sum insured, selected options, applicable item limits, liability limit and excesses. Consider belongings outside the unit separately, including items in storage or common areas.
- Resolve gaps before buying or renewing. Ask TIO or your insurer to clarify how a specific item or responsibility is treated, and confirm the answer against the policy documents and schedule.
CHOICE’s summary says contents in a locked basement storage cage are covered up to $2,000 and contents in common areas are not covered. These are secondary-source summaries; check the conditions and limits in the policy wording that applies to you rather than assuming the summary settles a particular claim.
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The PDS describes a 72-hour exclusion period that may apply to specified losses involving cyclone, flood, flood water or run-off, rainwater and storm surge after cover starts or is increased. It also describes exceptions. CHOICE separately lists a 72-hour flood waiting period in its review summary. Check the PDS for the event, circumstances and exceptions relevant to your situation.
Before choosing optional cover, review the insured events and exclusions in the PDS, including conditions relating to water damage and maintenance. A short review summary cannot establish whether a specific incident or item will be covered; the applicable wording and your schedule govern.
Eligibility and living arrangements
The PDS says Territory Home is unavailable if the whole home is rented to tenants and points those owners to landlord insurance. If you rent out part of the home while living at the address, check eligibility with the insurer. Living arrangements and periods when the home is unoccupied can also affect availability or cover, so confirm how your circumstances are treated before relying on a quote.
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What will it cost?
A general review cannot establish your premium. The PDS says premiums depend on factors including the property’s location and type, the amount and type of cover, the people insured, claims history, risk, charges and excess. Obtain a quote using your details, then compare it with other quotes on the same sums insured, optional cover and excess. The available information does not support calling this policy the cheapest option.
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The PDS describes a 21-day cooling-off period for a new policy or renewal, subject to conditions. One stated condition is that no claim has been made or needs to be made. It also notes that certain government taxes or duties may be deducted from a refund. Check the PDS and your policy documents for the full conditions before cancelling.
Verdict: a policy to assess against your scheme documents
TIO Territory Home may be worth considering if you need eligible home and contents cover, but a strata owner should not choose it on the assumption that it duplicates—or replaces—the body corporate’s building insurance. Its practical fit depends on the scheme’s cover, your responsibilities, the policy definitions, your selected options and limits, and the terms in your schedule. The available sources do not establish a universal strata answer, an individual premium or population-level claims and customer outcomes.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
