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Frequently Asked Questions

Residential Strata FAQs

  • What is strata insurance and why do I need it?

    Strata insurance covers shared property in a strata-titled building - such as common areas, and the building structure - against risks like fire, storm damage, or water leaks. If your property is part of a strata scheme, this type of insurance is usually required by law in every Australian state and territory.

  • Who is Flex Insurance for?

    Flex is designed for residential strata buildings such as duplexes, villas, and townhouses. Flex also provides choice. There are many different options so strata committees can tailor the cover they want.

  • What makes Flex Insurance different?

    Flex Insurance offers customisable cover which can be best explained through three different tiers: Essential, Select and Plus. This empowers you to choose the protection you want.

  • What’s the difference between Essential, Select and Plus Strata Insurance cover?

    Essential Cover meets the legal minimums for strata insurance in your state or territory. Select Cover allows you to choose from a list of optional extras to suit your building’s needs. Plus Cover includes every optional extra for the most comprehensive protection under the Flex product.

  • What’s included in the Essential strata insurance cover and who is it right for?

    The Essential Cover includes protection for your property and liability to others which are required by law. The extent of cover is not as comprehensive as other Flex options and is most likely suited to price-conscious owners in small, self-managed strata schemes (for example, buildings less than 10 lots and under $25million sum insured).

  • Water damage events can be common occurrences - owners should consider what cover they select carefully and deliberately.

    Resultant Damage from Escape of Liquid (i.e. water damage) is one of the most common and costly claims in strata insurance. Even a slow leak from a pipe, bathroom, or flexi-hose can cause major damage over time. Cover for this type of water damage is not included in the Essential Bundle and customers should carefully consider if they wish to have insurance for these events.

  • What is Resultant Damage from both Escape of Liquid and Major Faults and Defects Cover?

    Resultant damage from Escape of liquid includes damage caused by the gradual escape of water from things like leaking appliances, drains, pipes, bathrooms, balconies, roofs, planter boxes, and old or faulty flexi-hoses.


     Resultant damage from Major Faults and Defects includes liability protection for damage caused by major building faults or defects — depending on the level of cover you choose.

  • What is not covered under our minimum strata insurance (Essential)? Cover like that shown in Flex Essentials exclude:

    • Resultant damage from Escape of liquid

    • Resultant Damage from Major Faults and Defects already known (or that should’ve been known)
      Always review the PDS exclusions or speak to your broker for clarity.
  • How do I know what optional extras I need?

    If you’re unsure, our Quote Form is designed to guide you through a list of add-ons based on your building type, value, and past issues. You can also speak to a licenced Authorised Representative or Broker for advice.

  • I want the cheapest cover. What am I giving up?

    Example cover bundles like Flex Essentials or Select helps reduce premiums by excluding things like water damage and major building defects. It’s a trade-off between cost and protection and is suitable to protect against basic needs, as opposed to having comprehensive cover to meet a higher number of claim events.

  • How can I reduce my premium?

    Choose cover like Flex Essential or Flex Select to reduce cover. Flex allows customers to make a conscious decision as to how much cover is suitable for their own needs. Please review the comparison table, read the PDS, TMD and talk to your Broker before deciding.

  • Why is Flex offering a new basic cover?

    We created this for price-conscious owners, in smaller schemes (for example, 10 lots or fewer under $25 million Sum Insured), who want affordable protection for core risks without paying for features they don’t want.


    Customers who are interested in the basic cover that are not in smaller schemes should consider engaging an insurance broker to determine if this level of cover is appropriate for their needs.

  • Do I need strata insurance if my property is self-managed?

    Yes. Whether you're in a self-managed strata or using a strata manager, strata insurance in nearly all cases is legally required. The Flex residential strata product is available for both situations, with flexible options for self-managed or professionally managed buildings.

  • Can I add or remove extras later?

    Yes, if you start with a bundle like Flex Essential, you can adjust your optional extras at renewal. This gives you flexibility as your needs or property conditions change. If you change your cover, there may be factors such as effective dates to keep in mind. Different tiers of cover also come at different price and excess points.

  • How do I compare strata insurance options easily?

    Use our comparison table to see what's included vs optional in each bundle. Look for simple tick/cross icons and tips explaining each item.

  • How long does it take to get a quote?

    Just a few minutes via our online quote tool. Answer a few questions about your building and choose your cover options.

  • What support is available if I need help understanding my policy?

    You can reach out directly to Flex, your Authorised Representative or Insurance Broker. We also provide product disclosure statements (PDS), TMD and comparison table to support your decision-making process.

  • Who underwrites Flex Insurance?

    Flex Insurance is wholly owned by CHU Underwriting Agencies Pty Ltd, Australia’s largest strata insurance specialist. This gives customers confidence in stability, compliance, and claims handling. The capital for Flex Insurance is provided by Certain Underwriters at Lloyd’s led by Managing Agent AXIS Syndicate 1686 under Binder Agreement No (UMR) B123024FLE1451, or QBE, depending upon the sum insured of your building.

  • How do I make a claim?

    Simply lodge online via our Claims Page or contact our support team. The process is designed to be easy for both individuals and strata managers.

CHUiSAVER Underwriting Agency Pty Ltd (ABN 85 613 645 239, AFSL 491113) trading as Flex Insurance acts under a binding authority as an agent for certain underwriters at Lloyd’s and QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545), the insurers of the products.

Terms, conditions, limits and exclusions apply to the products referred to above. Any advice contained on this website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Before making a decision to purchase the product or to continue to hold the product we recommend that you consider whether it is appropriate for your circumstances and read the Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which can be which can be viewed on this website or obtained by contacting Flex Insurance directly.

Flex Insurance is a wholly owned subsidiary of CHU Underwriting Agencies Pty Ltd (ABN 18 001 580 070, AFSL 243261) (‘CHU’). CHU is a wholly owned subsidiary of Steadfast Group Ltd (ABN 98 073 659 677) (‘SGL’). SGL may receive a professional services fee (‘PSF’) from insurers, premium funders and underwriting agencies such as Flex Insurance and CHU (‘Partner’) for access to regulatory and compliance support; marketing and communications; data insights; and access to technology platforms. The PSF is an agreed amount between SGL and the relevant Partner, usually annually. The PSF is not determined by the volume of the business that the Steadfast Network brokers place, nor is the amount of the PSF known to the Steadfast Network Brokers, so it is not able to influence recommendations to their clients.

Flex Insurance may have access to shared services from SGL, including: compliance tools; procedures; manuals and training; legal; HR banking; and group purchasing arrangements. These services are funded by SGL, subsidised by SGL or SGL receives a fee for them. SGL’s FSG is available at www.steadfast.com.au or on request by telephoning SGL’s Company Secretary on +61 2 9495 6500.

Copyright © 2025 CHUiSAVER Underwriting Agencies Pty Ltd