Strata insurance Tasmania

Mandatory cover

The current Tasmanian laws regulating compulsory strata insurance are the Strata Titles Act 1998, and the Strata Titles (Insurance) Regulations 2019.

Flex Residential Strata Insurance is designed exclusively for strata customers ,and coverage is automatically included for:

• Residential property: to cover the expense of repairing or replacing the building and common areas, including external walls, relevant fences and driveways, entrance and lobby, common area floors, walls and ceiling, plus balconies, stairs, and utility infrastructure for plumbing and power (refer to the definition of Insured Property in Flex PDS for full details)
• Liability to others: If a visitor is injured on common property or their own property is damaged, the body corporate is covered against expenses and liability costs that your body corporate may need to pay.

Optional additional cover

Once you have the essential coverage in place, you have the option to enhance your policy with additional coverages for added protection. These optional extras for your Flex Residential Strata Insurance include:

• Voluntary workers: Insurance that provides coverage for volunteers who sustain injuries while performing unpaid work for your body corporate.
• Fidelity guarantee: Protection in the unfortunate event that your body corporate falls victim to fraud or theft of funds committed by one of its members.
• Office bearer's legal liability: Covers legal expenses associated with defending a claim against a member of your strata committee, as well as any court-ordered payments they're required to make.
• Machinery breakdown: Useful to have if your building has a machinery failure, or a burnt-out motor in equipment such as lifts, common area air conditioners, pumps, shared laundry facilities etc.
• Catastrophe: Helps protect you financially if your property suffers damage from a declared catastrophe like a bushfire or flood, as these often lead to higher repair bills due to the increased demand for tradespeople.
• Government audit costs and legal expenses: Covers the expenses of government audits and legal defence costs, and safeguards the body corporate if it needs to appeal an unreasonable order imposed by a statutory body.
• Lot owners' fixtures and improvements: bridges the gap between the estimated replacement cost and the actual replacement cost of your building when private improvements or renovations, (which weren't known by the body corporate), are taken into account.

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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: Strata living in Tasmania