Strata insurance for South Australia

Essentials cover

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

• Your property – such as the cost of any damage or repairs to your buildings and common areas, structural floors and ceilings, balconies and balustrades, external walls, steps and staircases.
• Your liability to others – when an injury or property damage occurs to someone visiting the building, public liability insurance covers the liability for expenses your strata corporation is ordered to pay due to negligence.
• Fidelity guarantee – mandatory in South Australia, this covers your strata corporation for financial losses from dishonesty, theft or fraud by a third party.

Optional extras

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 – this is very useful if you have lifts, machinery, water pumps, and other motor-driven equipment, as repairs can be expensive. Catastrophe cover – in case of a declared widespread catastrophe, such as a bushfire, building repair costs can soar because of the high demand for tradies and builders. This cover takes care of those unusually high expenses.
• 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 – looks after any shortfall between the estimated replacement cost of your building versus the actual replacement cost when any improvements or renovations are factored-in for which the Body Corporate was unaware.

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Important documents

References:

SA Government - Community scheme insurance

SA Legal Services Commission – Community Titles legal guide