Flexibility - design your own policy
Market leading fully flexible strata insurance with the ability to customise your policy to suit your strata building.
Flex Strata Insurance NSW
At Flex Insurance we provide comprehensive cover for your strata property in Sydney and regional NSW. Our insurance commonly includes protection against structural damage to the building, common property, shared assets, as well as incidents such as fires, water damage, vandalism, and natural disasters.
Furthermore, strata insurance may also encompass liability coverage, shielding both the strata corporation and individual unit owners from legal claims arising from accidents or injuries that transpire within the communal areas.
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Essential cover for NSW strata insurance
Under NSW law – the Strata Schemes Management Act 2015 (NSW) and other legislation – some things will be automatically covered by your Flex Residential Strata Insurance, including insurance for:
- Your residential property – we cover the cost of damage or repairs to buildings and common facilities and areas, such as the structural floors and ceilings, balconies and balustrades, external walls and windows, entries, stairwells and steps, and the building’s plumbing and electricals.
- Your liability to others – if someone suffers an injury or property damage while at your address, this covers the expenses and costs that your owner’s corporation is required to pay due to negligence.
- Voluntary workers cover – insurance for anyone who is injured while carrying out unpaid work for your owners corporation.
Optional inclusions
Once the basics are covered, Flex allows you tailor your policy to include the extra aspects you want to insure, such as:
- Fidelity guarantee – covers your owners corporation for any loss due to theft, dishonesty or fraudulent misappropriation of Your Funds.
- Office bearer legal liability – can help cover the cost of legal fees if there is a claim against your strata committee members, and any damages or costs you’re ordered by a Court to pay.
- Machinery breakdown cover – comes in very useful if you have lifts, water pumps, shared washing machines or common air conditioners. They can easily breakdown and cost to repair can be substantial.
- Catastrophe cover – when widespread declared disaster strikes – like bushfire or cyclone – the costs of repairs sky-rockets because of demand for tradespeople or material. This cover allows for those increased expenses.
- Government audit costs and legal expenses cover – provides cover in the event of a government audit, protection if the Owners Corporation needs to appeal an unreasonable Order imposed by a statutory body and provides cover for legal defence costs
- Lot owners fixtures and improvements – often overlooked, but improvements and renovations to a unit which an Owners Corporation is unaware of can take the actual cost of building repairs well above the declared value of the building. This option covers that shortfall in event the building value is exhausted.
Why choose Flex Insurance?
Simple and Affordable
Flex cuts through the confusing insurance jargon with easy to understand strata policies helping you choose the cover that is best for you.
24/7 Claims
24/7 claims service and support with emergency assistance to get you back on your feet as soon as possible.
Strata Experts
Our parent company, CHU, has a long and progressive history with more than 40 years of industry experience.
Important documents
Flexible Residential Strata Plan Insurance:
For policies commencing from 1 September 2024 and with a total sum insured $25 million and below.
| Name | Link |
| Flexible Residential Strata Plan Insurance Product Disclosure Statement and Policy Wording – For policies commencing from 1 September 2024 and with a total sum insured $25 million and below |
Download |
| Target Market Determination (TMD) Target Market Determination is a document that describes who the product is appropriate for (target market), and any conditions around how the product can be distributed to customers. |
Download |
| PDF Quote Form Download and complete a pdf quote form |
Download |
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
| Name | Link |
| Product Disclosure Statement and Policy Wording for policies effective from 1 October 2023 | Download |
| What has Changed for PDS and Policy Wording effective 1 October 2023 Outlines key policy changes, and should be read in conjunction with latest Product Disclosure Statement and Policy Wording. |
Download |
| Product Disclosure Statement and Policy Wording for policies effective from 1 January 2022 - 30 September 2023 | Download |
| Target Market Determination (TMD) Target Market Determination is a document that describes who the product is appropriate for (target market), and any conditions around how the product can be distributed to customers. |
Download |
| PDF Quote Form Download and complete a pdf quote form |
Download |
Who needs strata insurance NSW?
Self-Managed Schemes
Regardless of size or building age, Flex Insurance alleviates the stress, uncertainty, and cost associated with strata insurance within NSW. Our user-friendly policies are flexible to meet your specific needs. Whether you require assistance in managing your strata property or seeking insurance advice, we can connect you with the right person to discuss.
Strata managers
Your clients will appreciate knowing that we can offer them savings without compromising on peace of mind. Our commitment is to provide professional service, offer general advice, present flexible policies and ensure great value for money.
Insurance brokers
Whether strata insurance is your specialty or just one aspect of your insurance services, we're here to support you in delivering top-notch assistance to your clients. Our aim is to offer exceptional, custom-made coverage that is both affordable and dependable.
Reference: Fair Trading NSW – responsibilities of the owners corporation
Frequently asked questions
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Does Flex strata insurance cover regional NSW?
Does Flex strata insurance cover regional NSW?
Yes definitely. Flex strata insurance covers more than just Sydney. Across New South Wales, we're able to provide insurance to owners corporations in major cities and regional centres including:
- Newcastle
- Central Coast
- Wollongong
- Maitland
- Blue Mountains
- Tweed Heads
- Coffs Harbour
- Wagga Wagga
- Albury
- Port Macquarie
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Is strata insurance compulsory in NSW?
Is strata insurance compulsory in NSW?
In New South Wales, sections 160, 161 and 164 of the Strata Schemes Management Act 2015, require the owners corporation to take out strata insurance to cover:
- The repair or replacement of the building and common property in the event of damage
- Public liability claims for personal injury or personal property damage that happens in connection with the strata’s common property
- Workers’ compensation claims
Owners corporations can also take out optional cover to include such things as theft and fraud, machinery breakdown or committee indemnity.
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Who is responsible for strata insurance?
Who is responsible for strata insurance?
The owners corporation of a strata title scheme is responsible for taking out strata insurance. In practical terms, this means it’s usually the management committee that purchases from the insurance company or via a broker or strata manager on behalf of the corporation, however members of the owners corporation (i.e. the unit owners) have the right to inspect the policy, check that it is adequate, and that it represents value for money.
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Does residential strata insurance cover the building?
Does residential strata insurance cover the building?
Strata insurance covers the owners corporation for the cost of repairing or replacing the building's infrastructure, such as the walls and windows, stairwells and fire exits, common lobbies and facilities, lighting, security systems and even areas which aren't accessible to all residents such as individual balconies and managers' offices.
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Does residential strata insurance cover the whole title?
Does residential strata insurance cover the whole title?
Owners corporations take out strata insurance to cover the areas of the property that are owned jointly by the lot owners. These include common areas around and within the building such as driveways, carparks, garages and sheds. These items are defined in the NSW strata title. Outdoor areas such as landscaping and gardens can be included but may have set limits. Some items such as machinery may need to be specifically listed on the policy to ensure they are covered, if they are not standard items.
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What is the difference between strata insurance and home insurance?
What is the difference between strata insurance and home insurance?
Strata insurance and home insurance are designed for different types of property ownership and thus cover distinct aspects:
- Strata Insurance: This type of insurance primarily covers the building and common areas of a property that is part of a strata scheme—such as condominiums, townhouses, or any multi-unit complex. Strata insurance typically includes coverage for shared or "common property" elements like roofs, lifts, pools, and car parks. It also usually encompasses public liability insurance to protect against claims of personal injury or property damage occurring within common areas.
- Home Insurance: Home insurance, also known as homeowners insurance, is intended for individual homeowners. It covers the private residence and the owner's personal belongings inside it. This insurance can protect against a range of risks including fire, theft, and natural disasters. It also usually includes liability coverage for injuries or damages that occur on the private property.
In summary, the key difference is that strata insurance is meant for communal property and shared risks in multi-unit living environments. Home insurance covers individual, private properties and the belongings within them.