Residential strata insurance differs from regular home insurance in several ways. Firstly, it’s specifically designed for properties under a strata scheme, owners corporation or body corporate. This type of insurance covers common areas such as gardens, driveways, stairwells, and elevators shared by multiple unit owners.

On the other hand, regular home insurance is more focused on individual properties like standalone houses. It mainly covers the actual building, its contents, and, to some extent, liability in case someone gets injured on the property.

Another important distinction is that strata insurance usually includes liability coverage for incidents occurring in common areas, which sets it apart from typical home insurance. In essence, residential strata insurance and regular home insurance cater to the needs of different property owners, covering various aspects unique to their respective ownership structures.