Flexibility - design your own policy
Market leading fully flexible strata insurance with the ability to customise your policy to suit your strata building.
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.
Why choose Flex Insurance?
Affordable and easy
We make insurance simple thanks to our plain English policies and paperwork, to it’s easier to select the best strata insurance cover for your requirements.
Round-the-clock claims
Benefit from our 24/7 claims service and support – including emergency assistance – to get help quickly, and have your building repaired as soon as possible.
Over four decades of innovation
Flex is proudly brought to you by CHU Underwriting Agencies – Australia's foremost specialist in strata insurance.
Frequently asked questions
-
Is Flex strata insurance available for regional Tasmania?
Yes it is. Flex insurance offers tailored coverage for strata buildings and properties across Tasmania, catering to the specific needs of body corporates in cities and regional centres including:
- Hobart
- Launceston
- Devonport
- Burnie
-
Is strata insurance compulsory?
Under Tasmanian law, your body corporate must obtain strata insurance that provides coverage for:
- Repairing or replacing the building and common property if there has been major damage.
- Public liability claims arising from injuries or property damage that occur on the strata's common property.
Additionally, body corporates have the option to add extra insurance, such as cover for theft and fraud, committee indemnity, motor or machinery failure, and coverage for injured workers or volunteers.
-
Who is responsible for Strata Insurance?
Obtaining strata insurance is the responsibility of your body corporate. Typically, the management committee, strata manager or a broker acting for the body corporate, buys the policy. However, unit owners, who are members of the body corporate, have the right to review the policy, ensure it's sufficient, assess its value for money, and make sure it meets the needs of the strata title scheme.
-
Does residential strata insurance cover the building?
Yes. Strata insurance provides building cover for the body corporate, and the expenses associated with repairing or replacing essential building infrastructure. This includes walls, windows, ceilings and floors, stairs and fire exits, common areas and amenities, lighting, security systems, building offices, and even areas like individual balconies. (refer to the definition of Insured Property in Flex PDS for full details).
-
Does strata insurance cover the whole title?
Strata insurance is obtained by body corporates to provide coverage for jointly owned areas of the property, such as the building, driveways, fencing and carparks, as defined by the Tasmanian strata title laws.
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 |