What is a 'strata title insurance scheme'?

Sorry if this is it the wrong category.
I was looking at a house on domain, and this term came up, it is just a standard strata title like for units? This a 3 beds house which looks to be on the same block as another house. It also says there is no body corp fees. Would this mean any potential Reno's or change of use/ d.a would need to be approved by the other house owner?

 

It's fairly common to see a property where one house was originally there, then a second house was built at the back and the two share a common driveway and some other common land.

In a larger site with more properties, a strata corporation must be put in place to manage the overall site. Where it's just two dwellings, there may a strata title in place, but a strata corporation is not required, the two owners just figure it out between them.