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Strata insurance in Victoria

Cover for Melbourne and regional VIC

In Victoria, your body corporate must have insurance and you can add extras for extra peace of mind. Or you can leave the extras off and save.

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.

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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 othersif 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.

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Why choose Flex Insurance?

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Flexibility - design your own policy

Market leading fully flexible strata insurance with the ability to customise your policy to suit your strata building.

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Simple and Affordable

Flex cuts through the confusing insurance jargon with easy to understand strata policies helping you choose the cover that is best for you.

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24/7 Claims

24/7 claims service and support with emergency assistance to get you back on your feet as soon as possible.

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Over 40 Years of innovation

Brought to you by Australia’s first and leading strata specialist CHU Underwriting Agencies.

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.

Frequently asked questions

  • Can I get Flex strata insurance cover for regional Victoria?

    Can I get Flex strata insurance cover for regional Victoria?

    Absolutely. Flex insurance cover is available for strata buildings and properties anywhere in Victoria. Our dedicated, tailored insurance is available for body corporates throughout the state, including cities and regional centres such as:

    • Geelong
    • Ballarat
    • Bendigo
    • Melton
    • Shepparton-Mooroopna
    • Warragul and Drouin
    • Sunbury
    • Wodonga
    • Mildura
    • Warrnambool
    • Traralgon and Morwell
  • Is strata insurance compulsory in Victoria?

    Is strata insurance compulsory in Victoria?

    In Victoria, sections 59 and 60 of the Owners Corporation Act 2006 require the body corporate to take out strata insurance to cover:

    1. The repair or replacement of the building and common property in the event of damage
    2. Public liability claims for injury or personal property damage that happens in connection with the strata’s common property

    Body corporates can also take out optional cover to include such things as theft and fraud, machinery breakdown, committee indemnity, and injury suffered by workers or volunteers.

    These requirements remain under the Owners Corporations Amendment Act 2021.

  • What does strata insurance cover in Victoria?

    What does strata insurance cover in Victoria?

    In Victoria, strata insurance (also called body corporate insurance) typically covers the building and common property as defined by the plan of subdivision. This includes all shared areas and facilities such as gardens, pools, car parks, and lifts. Coverage generally encompasses the repair or replacement costs for damage to these parts of the property from insured events like fire, storm, vandalism, or accidental breakage. It also includes public liability insurance, which protects the owners corporation against legal liability in the event that someone is injured on common property. Additionally, it can cover other aspects such as office bearers’ liability, which protects committee members against legal expenses.

  • Do I need building insurance for a strata unit in Victoria?

    Do I need building insurance for a strata unit in Victoria?

    As an owner of a strata unit in Victoria, you typically do not need to purchase separate building insurance for your unit. The building and common areas are usually covered under the strata insurance taken out by the owners corporation, as mandated by law. This policy includes coverage for the structure of the building and shared features. However, it's important to review the strata plan and insurance policy to ensure that all structural elements and fixtures within your individual unit, such as built-in cabinets and floor coverings, are included. For personal contents within your unit, you will need to take out your own contents insurance.

  • How is the cost of body corporate insurance determined for residential strata properties in Victoria, Australia?

    How is the cost of body corporate insurance determined for residential strata properties in Victoria, Australia?

    The cost of body corporate insurance in Victoria is determined based on various factors such as the location of the property, replacement value of the building, previous claims history, level of cover required, and additional coverage options selected. Insurers may also consider the age of the building, security measures in place, and any high-risk factors that could impact the premium.

Important documents

Name Link
Product Disclosure Statement and Policy Wording for policies effective from 1 October 2023 Download
What has Changed for PDS and Policy Wording effective 1 October 2023
Outlines key policy changes, and should be read in conjunction with latest Product Disclosure Statement and Policy Wording.
Product Disclosure Statement and Policy Wording for policies effective from 1 January 2022 - 30 September 2023 Download
Target Market Determination (TMD)
Target Market Determination is a document that describes who the product is appropriate for (target market), and any conditions around how the product can be distributed to customers.
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