Strata insurance for South Australia

Flex insurance: Your South Australian Strata Insurance Solution

Strata insurance, also known as body corporate cover in South Australia, is a mandatory form of insurance required by law under the South Australian Strata Titles Act 1988. Strata title insurance protects the shared property and common areas of your strata scheme, providing financial security in case of unexpected events like damage, theft, or public liability claims. 

Here at Flex Insurance, we understand the unique needs of strata communities in South Australia. We offer flexible strata title insurance solutions tailored to your specific strata scheme, ensuring your property and residents are well-protected.

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Essentials cover For Your Strata Title Insurance in Adelaide, South Australia

Under South Australian law – the Strata Titles Act 1988 (SA) and other legislation – essentials are covered in your Flex Residential Strata Insurance policy:

• Your residential property – which includes the cost of damage and repairs to the buildings and common areas on your property, as well as floor, ceiling and balcony structures, external walls, entry areas, staircases and fire escapes, and the building’s plumbing and wiring.
• Your liability to others – when someone is injured on common areas or something they own is damaged while at your property, your committee of owners may be found liable due to negligence and be ordered to pay compensation. This is covered by your policy’s automatic public liability insurance.
• Fidelity guarantee – mandatory in South Australia, this covers your strata corporation for financial losses from dishonesty, theft or fraud by a third party.

Optional Cover for Your Strata Policy

Flex Insurance lets you add optional extras to make sure you’re only paying for the things you really need. Additional cover can be included for:

• Voluntary workers cover – to cover expenses for anyone who’s injured while doing unpaid work for your strata corporation.
• 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, earthquake or cyclone – the costs of repairs sky-rockets because of demand for tradespeople or materials. 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 council of owners 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 increase 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 should get residential strata insurance in SA?

Here at Flex Insurance, we understand the unique needs of strata communities in South Australia.  Whether you're a self-managed scheme, a strata manager, or an insurance broker, we offer exceptional service, competitive rates, and flexible cover tailored to your specific requirements.

For Self-Managed Schemes

Managing strata insurance can feel overwhelming. Flex Insurance simplifies the process. Our policies are easy to understand and manage, and we provide clear guidance and resources to help you make informed decisions. Regardless of the size or age of your property, our flexible solution will fit your needs.

For 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.

For 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

References:

SA Government - Community scheme insurance

SA Legal Services Commission – Community Titles legal guide