Strata insurance in Victoria

Essentials cover

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.

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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Why choose Flex Insurance?

Flexibility - design your own policy

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

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

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Frequently asked questions

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?
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.
Who is responsible for strata insurance?

The body corporate of a strata title scheme is responsible for taking out strata insurance. In practical terms, this means it’s usually the management committee that purchases from the insurance company, or via a strata manager or broker on behalf of the body corporate, however members of the body corporate (i.e. the unit owners) have the right to inspect the policy, check that it is adequate, and that it represents value for money.
Does residential strata insurance cover the building?

Strata insurance covers the body corporate for the cost of repairing or replacing the building's infrastructure, such as the walls and windows, stairwells and fire exits, common lobbies and facilities, lighting, security systems and even areas which aren't accessible to all residents such as individual balconies and managers' offices.
Does strata insurance cover the whole title?

Body corporates take out strata insurance to cover areas of the property that are owned jointly by the lot owners, such as the building, driveways and carparks. These items are defined in the VIC strata title. Repair to gardens is usually not covered, however body corporate liability for injury or property damage that occurs in those areas generally is.

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