Introducing Vero Residential Strata Insurance, built for today’s more complex risks
Vero has launched Vero Residential Strata Insurance, a new Specialty Lines solution designed to support brokers placing increasingly complex strata risks through risk based underwriting, specialist expertise and collaborative decision making.
Developed with today’s market realities in mind, the product recognises that no two strata schemes are the same and that strong governance, transparency and proactive risk management should be assessed on their merits, not filtered through blanket exclusions.
A methodical rollout, underpinned by underwriting discipline
Vero Residential Strata Insurance is initially available in select postcodes across Far North Queensland (from Bundaberg North) and Darwin, targeting regions where strata risks have historically been under-served, with a phased national rollout planned over the next 12 months.
This staged approach reflects Vero’s commitment to sustainable, informed underwriting. It also ensures brokers are supported by decision makers and consistent outcomes as the portfolio grows.
Our risk based approach to strata underwriting
At the heart of Vero Residential Strata Insurance is an underwriting philosophy that prioritises understanding the actual risk.
Instead of applying broad, standardised criteria, Vero underwriters assess each strata scheme on its individual risk profile, focusing on four key factors:
- Construction quality and building condition.
- Governance strength and engagement.
- Quality of disclosure and transparency.
- Risk controls and maintenance discipline.
This means brokers can have open, informed conversations about complex risks, backed by direct access to specialist strata underwriters who understand the nuances of residential and mixed-use strata.
How we pragmatically approach building defects
Building defects remain one of the most challenging aspects of strata placement. Vero takes a balanced, considered approach. Defects are not automatically excluded but assessed based on their:
- nature
- severity, and
- management.
Where buildings are undergoing remediation or managing historical defects, Vero considers controls in place to manage risk, funding and remediation pathways, and the Owners Corporation’s commitment to risk mitigation.
This approach is designed to encourage disclosure and proactive management rather than penalising transparency or complexity.
Built to support confident placement
Vero Residential Strata Insurance offers a broad range of inclusions designed to support a broad range of residential and mixed-use strata buildings, including:
- Residential and mixed-use developments with up to 20% commercial floor space.
- Building Sums Insured from $1.5 million up to $50 million, with capacity to support higher valued buildings through co-insurance.
- Comprehensive strata cover sections addressing real world property and governance exposures.
- Dedicated in house strata claims specialists, supported by Vero’s award-winning claims capability.
Peter Ooi, Intermediated Strata Lead, Vero Specialty Lines, says:
“We partner with brokers to assess the true risk of building defects and solve real market pain points, backed by direct access to underwriters and a dedicated strata claims team.”
Part of a broader Vero Specialty Lines investment roadmap
The launch of Vero’s Residential Strata Insurance follows closely behind the release of Design and Engineering Practitioners Professional Indemnity Insurance, another purpose-built Specialty Lines solution addressing emerging placement challenges.
Together, these launches reflect Vero Specialty Lines' (VSL) long term investment strategy, focused on areas where brokers are seeing rising risk, complexity and opportunity.
Haydn Greentree, Executive Manager VSL, explains:
“We’re continuing to invest in areas where brokers are seeing emerging risk and opportunity. We’ve already launched six specialty lines products, with four more to come by late FY28, as part of a strong product roadmap.”
Supporting brokers beyond the policy
Vero Residential Strata Insurance is supported by:
- specialist strata underwriters and local decision makers
- collaborative referral pathways for complex risks
- bespoke guidance on defect and remediation scenarios, and
- a dedicated strata claims team for when it matters most.
It’s an approach designed to remove friction, support confident placement and deliver better outcomes for brokers and their clients.
Discover more about Vero Residential Strata Insurance
Insurance issued by AAI Limited ABN 48 005 297 807 trading as Vero Insurance. Read the Product Disclosure Statement before buying this insurance. Target Market Determination is also available. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.
The information is intended to be of a general nature only. Subject to any rights you may have under any law, we do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon it – please make your own enquiries.
