Strata insurance in Victoria

Essentials cover

In line with Victorian law – Owners Corporation Act 2006 (Vic) and other legislation – some things are automatically covered by your Flex Residential Strata Insurance, including cover for:

• Your 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.

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 doing unpaid work for your body corporate or community title scheme.
• Fidelity guarantee – just in case your body corporate is the victim of fraud or theft by one if its members.
• Office bearer’s legal liability – looks after the legal expenses of defending a claim against a member of your strata committee, and any payments they are ordered to make.
• Machinery breakdown cover – in case of failure or motor burn-out in machinery, lifts, water pumps, shared laundry appliances and air conditioners.
• Catastrophe cover – is there if you face increased expenses because your property is damaged by a widespread declared catastrophe such as bushfire, and the high demand for tradies means higher repair bills.
• 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 – covers after any shortfall between your building’s estimated replacement cost and its actual replacement cost when any improvements or renovations are factored in for which the Body Corporate was unaware.

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Important documents