Mixed-used and high-value residential buildings will be covered under the Terrorism Insurance Act from July 1, the Australian Reinsurance Pool Corporation says.

The Act was amended to extend the terrorism pool to mixed-used buildings where at least 20% of floor space is used for commercial purposes, and residential buildings with insurance cover of at least $50 million.

Corporation CEO Christopher Wallace says the revised laws are expected to apply only to insurance contracts executed or renewed on or after July 1.