Residential Strata

Well… these optional inclusions are a good start.

• Voluntary workers' cover

  Compulsory in NSW but optional in all other states and territories, voluntary workers' insurance covers anyone who is injured (or worse) while doing unpaid work for your owners’ corporation.

• Fidelity guarantee

  Optional in all states except SA, fidelity guarantee covers your owners’ corporation for financial losses that come about due to fraud or theft. 

• Office bearers' legal liability

  If your strata committee is involved in a law suit, this inclusion can help cover the cost of defending the legal claim against you, and any payments your committee members need to make.

• Machinery breakdown

  Important for when you have lifts and elevators, but it also covers shared appliances such as fused motors in communal washing machines, basement water pumps or, in most states, even air conditioners. 

• Catastrophe cover

  When serious disaster strikes, such as bushfire, cyclone or earthquake, this option comes into effect when the government declares a catastrophe. It covers the increased cost of building and repairs, due to the huge demand for builders and tradespeople.

• Government audit costs and legal expenses

  Provides cover in the event of a government audit, protection if the Body Corporate needs to appeal an unreasonable Order imposed by a statutory body and provides cover for legal defence costs

• Lot owners' fixtures and improvements

  This option is available to cover any shortfall between your building’s estimated replacement cost and its actual replacement cost when any improvements or renovations made by the property owner are included which the Body Corporate may not have been aware of.

• Strata insurance QLD

  Strata insurance QLD

  In Queensland, most body corporates fall under the Body Corporate and Community Management Act 1997 and one of five regulation modules: Standard, Accommodation, Commercial, Small, or Specified Two-Lot. Find out more about what is covered by Flex Strata Insurance in Queensland here.

• Strata insurance NSW

  Strata insurance NSW

  In New South Wales, most strata properties fall under the remit of either the Strata Schemes Management Act 2015 (NSW) or other legislation. Discover which inclusions are provided by Flex Insurance for our NSW strata community managers here.

• Strata insurance VIC

  Strata insurance VIC

  In Victoria, the Owners Corporation - as mandated by the Owners Corporations Act of 2006 - is obligated to undertake various responsibilities, including the management, administration, repair, and maintenance of the common property. Take a look at how Flex Insurance covers what is legally required for Victorian Owners Corporations here.

• Strata insurance SA

  Strata insurance SA

  In South Australia, most strata properties are governed by the Strata Titles Act 1988 (SA), whereby a strata title is created by the division of land into separate units (at least two) plus common property.  Check out what is covered by Flex Insurance in South Australia here.

• Strata insurance WA

  Strata insurance WA

  In Western Australia, the Strata Title Act (WA) encompasses the subdivision of land through strata title schemes, the establishment of strata titles, and the governance of strata titles schemes in Western Australia. Learn more about how Flex Insurance protects Western Australian strata properties though our strata insurance here.

• 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.

• Who needs Flex strata insurance?

  Self-Managed Schemes

  Experienced or new to the game, Flex Insurance takes the stress, guesswork and expense out of strata insurance, with user-friendly policies that you can tailor to suit your needs. If you need help with managing your strata property or insurance advice, we can refer you to an expert.¹

  Strata managers

  Your clients will love you when you tell them you can save them money and still give them peace-of-mind, because that’s what we’re here for – professional service, general advice, flexible policies and value for money.

  Insurance brokers

  Whether you specialise in strata or it’s just part of your insurance service, we’re here to help you provide the best assistance to your clients, by offering outstanding tailor-made cover that’s affordable and reliable. 

  ^{1 Flex Insurance will not receive a referrer fee for this.}

• 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 different 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 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 $25 million 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.