Strata insurance ACT

The laws that regulate unit titles and strata titles in the ACT is the Unit Titles (Management) Act 2011, supported by the Unit Titles (Management) Regulation 2011. These cover more than just units, they cover all strata title properties.

Your Flex Residential Strata Insurance in the ACT automatically provides cover for the following:

• Residential property: In the event of natural, malicious or accidental damage, this covers the repair or replacement costs of buildings and common facilities, including the building's floors, ceilings and external windows, and walls, doors, entryways and lobbies, balconies and balustrades, steps and stairways, and the building's first fix electrical systems and plumbing. .(refer to the definition of Insured Property in Flex PDS for full details)
• Liability to others: If a person is hurt or their property is damaged on the unit title's property, this insurance is included to meet the costs that the owner's corporation may be liable for.

The extras

When considering insurance options, it's always smart to take into account other cover that could protect you in different situations. Some of the extras offered by Flex strata insurance include:

• Fidelity guarantee: Protects your owners corporation from any financial losses resulting from theft of funds, dishonesty, or fraud committed by one of its members.
• Voluntary workers: helps cover the costs when a person is injured while doing volunteer work for your owner's corporation.
• Office bearer legal liability: If a claim is made against strata committee members, this coverage helps meet the costs of legal fees and any damages or court-ordered payments.
• Machinery breakdown cover: Particularly handy if your strata building has equipment like lifts, water pumps, shared washing machines, or common air conditioners, as breakdowns can be costly to repair.
• Catastrophe: When a widespread officially declared disaster such as a bushfire or cyclone occurs, repair costs escalate due to high demand for tradespeople. This coverage handles the increased expenses associated with repairs after these events.
• Government audit costs and legal expenses: Protection in the event of a government audit and offers coverage, including legal defence costs, if your body corporate needs to challenge an unreasonable order imposed by a statutory body.
• Lot owners' fixtures and improvements: Often forgotten about, this coverage accounts for improvements and renovations made to an individual unit that the owners corporation doesn't know about. It ensures that the actual cost of building repairs, including these upgrades to strata insured property, is adequately covered and minimise the potential for any shortfall.

Thinking about these additional coverage options can help make sure your strata building is more comprehensively protected against potential risks that may arise.

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Important documents

Flexible Residential Strata Plan Insurance:

For policies commencing from 1 September 2024 and with a total sum insured $25 million and below.

Residential Strata Plan Insurance: 

For policies commencing between 1 October 2023 – 31 August 2024. And for policies commencing from 1 September 2024 with a total sum insured above $25 million

Reference: Unit titles management in the ACT. What you need to know