Strata insurance for Queensland

Flex Strata Insurance QLD

Strata insurance, also known as body corporate insurance in Queensland. Our cover provided by body corporate insurance is comprehensive, typically including protection against structural damage to the building, common property, and shared assets, as well as incidents like fires, water damage, vandalism, and natural disasters.

Additionally, body corporate insurance may also offer liability coverage, protecting both the body corporate and individual unit owners from legal claims arising from accidents or injuries that occur within communal areas.

At Flex Insurance, we offer comprehensive cover including building cover and liability cover.

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Essentials cover for Body Corporate in QLD

Under Queensland law – the Body Corporate and Community Management Act 1997 (Qld) and other legislation – a number of items are automatically covered by your Flex Insurance, including:

• Your residential property – including the cost of any damage or repairs to your buildings and common areas, such as the floor, ceiling and balcony structures, external walls, lobbies, stairwells and steps, and the building’s plumbing and wiring.
• Your liability to others – if someone is injured on common areas or their property is damaged while at your address, this public liability insurance covers their expenses and costs that your body corporate is required to pay due to negligence.

Optional extras

Once the basics are looked after however, you can choose a range of options to add to your residential strata insurance, including:

• Voluntary workers’ cover – insurance for anyone who is injured while carrying out unpaid work for your body corporate or community title scheme.
• Fidelity guarantee – covers your body corporate for loss of Your funds due to theft or fraud by a member of your strata committee.
• Office bearer’s 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 – for when there’s a fault with your lifts and elevators, shared washing machines, basement water pumps, fused motors and common area air conditioners.
• Catastrophe cover – comes into effect after a declared catastrophe such as a cyclone, earthquake or major flood and is designed to cover the higher costs of repairs due to the increased demand for builders and tradespeople.
• Government audit costs and legal expenses cover – 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 – 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.

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Who needs strata insurance QLD?

Self-Managed Schemes

Irrespective of the size or age of your building, Flex Insurance relieves the stress, uncertainty and financial burden often associated with strata or body corporate insurance in QLD. Our adaptable policies are designed to cater to your individual requirements. Whether you need help managing your strata property or seeking expert insurance advice, we can connect you with the appropriate person for a discussion.

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 with our strata insurance within Queensland.

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.

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: Queensland government - compulsory insurance for body corporate