Flexible
Flex strata insurance is a market-leading product, offering flexibility and allowing you to customise your policy according to your unit title property's specific needs.
The laws that regulate unit titles and strata titles in the ACT is the Unit Titles (Management) Act 2011, supported by the Unit Titles (Management) Regulation 2011. These cover more than just units, they cover all strata title properties.
Your Flex Residential Strata Insurance in the ACT automatically provides cover for the following:
- Residential property: In the event of natural, malicious or accidental damage, this covers the repair or replacement costs of buildings and common facilities, including the building's floors, ceilings and external windows, and walls, doors, entryways and lobbies, balconies and balustrades, steps and stairways, and the building's first fix electrical systems and plumbing. .(refer to the definition of Insured Property in Flex PDS for full details)
- Liability to others: If a person is hurt or their property is damaged on the unit title's property, this insurance is included to meet the costs that the owner's corporation may be liable for.
The extras
When considering insurance options, it's always smart to take into account other cover that could protect you in different situations. Some of the extras offered by Flex strata insurance include:
- Fidelity guarantee: Protects your owners corporation from any financial losses resulting from theft of funds, dishonesty, or fraud committed by one of its members.
- Voluntary workers: helps cover the costs when a person is injured while doing volunteer work for your owner's corporation.
- Office bearer legal liability: If a claim is made against strata committee members, this coverage helps meet the costs of legal fees and any damages or court-ordered payments.
- Machinery breakdown cover: Particularly handy if your strata building has equipment like lifts, water pumps, shared washing machines, or common air conditioners, as breakdowns can be costly to repair.
- Catastrophe: When a widespread officially declared disaster such as a bushfire or cyclone occurs, repair costs escalate due to high demand for tradespeople. This coverage handles the increased expenses associated with repairs after these events.
- Government audit costs and legal expenses: Protection in the event of a government audit and offers coverage, including legal defence costs, if your body corporate needs to challenge an unreasonable order imposed by a statutory body.
- Lot owners' fixtures and improvements: Often forgotten about, this coverage accounts for improvements and renovations made to an individual unit that the owners corporation doesn't know about. It ensures that the actual cost of building repairs, including these upgrades to strata insured property, is adequately covered and minimise the potential for any shortfall.
Thinking about these additional coverage options can help make sure your strata building is more comprehensively protected against potential risks that may arise.
Why choose Flex Insurance?
Simple
We cut through the complex strata insurance jargon, providing you with clear, easy-to-understand policies to help you decide on the most suitable coverage for your building.
Supportive
Our round-the-clock claims service and support, ensures that you receive a prompt response, including emergency assistance, to help get your property back to normal, sooner.
Experienced
Our cover taps into the experience and reliability of CHU Underwriting Agencies - Australia's pioneering specialist in strata insurance.
Frequently asked questions
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Is strata insurance compulsory?
Under ACT law, owners' corporations are obliged to have strata insurance that covers:
- The cost of repair or replacement costs for the building and common property in the event of damage.
- Costs for any public liability claims when someone suffers injury or property on the strata's common property. In addition to the mandatories, owners' corporations have the option of additional coverage, such as coverage for injuries sustained by workers or volunteers, protection in cases of fraud or theft of strata funds, machinery failure, committee indemnity, etc
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Who is responsible for Strata Insurance?
The owners corporation of a unit or strata title scheme holds responsibility for maintaining adequate strata insurance. Usually the management committee organises this, either directly from an insurance company or through a strata manager or broker. However, members of the body corporate, i.e. the unit owners, can always review and assess the policy to ensure it's enough and offers value for money.
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Does residential strata insurance cover the building?
Under a strata insurance policy, the body corporate's expenses are covered, for repairing or replacing the building's infrastructure - e.g. walls, windows, stairs, fire exits, lobbies, facilities, lighting, security systems, and even areas restricted to individual occupants, such as private balconies and staff offices. (refer to the definition of Insured Property in Flex PDS for full details)
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Does strata insurance cover the whole title?
Strata insurance is there to safeguard all the jointly owned areas of the property, including the building, driveways, and carparks as defined by law.
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. |
Download |
| 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. |
Download |
| PDF Quote Form Download and complete a pdf quote form |
Download |