Strata insurance in Victoria

Flex strata insurance for Victoria

Strata insurance in Melbourne and regional Victoria, is specifically designed to address the collective requirements of properties managed in an owners corporation, governed by the Owners Corporations Amendment Act 2021 (VIC) and additional relevant legislation. Owners Corporations (previously known as Body Corporations) in Victoria are required to secure certain minimum coverages to ensure adequate protection against common property damage, public liability, and other statutory coverages stipulated by Victorian strata laws.

At Flex Insurance, we understand the specific needs and legal requirements unique to Victoria. Our flexible insurance policies are crafted to protect every aspect of your strata property - from the physical structure and common areas to cover against natural disasters, fire, and water damage, as well as legal liabilities. We deliver expertly guidance and tailored insurance solutions for residential strata to safeguard your investment and ensure peace of mind for every owner and resident.

Start building your cover now

Essentials cover For Your Residential Strata Insurance in Victoria

In line with Victorian law – Owners Corporations Amendment Act 2021 (VIC) and other legislation – some things are automatically covered by your Flex Residential Strata Insurance, including cover for:

• Your residential property –  such as the cost of repairs or damage to your building structure and common areas, such as the front fence and driveway, entry steps and lobby, floor, ceiling and balcony structures, external walls, stairwells, and the building’s plumbing and electricals.
• Your liability to others – if someone visiting the building is injured on common property or their own property is damaged, insurance covers expenses and any liability costs your body corporate needs to pay due to negligence.

Choose your optional extras

With the basics covered, you can then choose to add extra cover to your policy such as:

• 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.

Get a quote

Who benefits from having residential strata insurance in Melbourne and Regional Vic

Self-Managed Schemes

Flex Insurance simplifies the challenges and costs associated with managing strata insurance for properties in Victoria, regardless of their size or age. Our policies are specifically designed to adapt to the unique requirements of your scheme. Whether you need support managing your property or expert advice on insurance matters, we're committed to connecting you with the top resources available.

Strata Managers

Strata managers in Melbourne will discover that our services provide not only substantial savings but also maintain the essential peace of mind. We are dedicated to offering professional service, informed advice, and adaptable policy options that ensure outstanding value for your clients.

Insurance Brokers

For insurance brokers, whether strata insurance is a primary focus or a part of your broader service offering, Flex Insurance is here to enhance your client support. We specialise in crafting custom-tailored, cost-effective, and dependable residential strata insurance solutions that are specifically designed for the needs of Victorian clients, ensuring you provide the best possible service.

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: Consumer Affairs Victoria – minimum insurance for body corporates