Under the Strata Act in NSW, all owners corporations are legally required to hold commercial or residential strata insurance. Strata title insurance should cover events such as theft or damage to common areas of the building, as well as cover events such as fires, floods, lightning, and explosions. You must ensure that the strata building insurance policy conforms to NSW legislation. This is something that a strata legislation management service can facilitate for you to ensure you and your building are appropriately covered in the event of a disaster.