Strata & Community Insurance Brokers

Expert Strata Insurance Brokers: Your Ally in Collective Property Protection
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What is Strata Insurance?

Strata insurance is a unique type of policy designed specifically for properties with shared ownership, such as apartment buildings and  townhouses. It's crucial for both property owners and investors involved in these types of developments. This insurance covers the building, common areas, and shared facilities, ensuring protection against damage or loss. It typically includes coverage for the exterior and structure of the building, common areas like pools and gardens, and even public liability for accidents in these shared spaces.

What makes strata insurance distinct is its focus on the collective, rather than the individual. While homeowners' insurance covers personal property and individual units, strata insurance steps in to protect the broader aspects of the property that all residents use and rely on. This ensures that the investment made by property owners and investors is safeguarded against unforeseen events like natural disasters, fires, or vandalism. It's a fundamental component of responsible property management and a critical safety net for maintaining the value and functionality of shared living spaces.

Why Strata Insurance is essential

Strata insurance is more than just a policy; it's a shield that guards your property investment against a multitude of risks. The primary benefit is its comprehensive coverage. It protects against structural damages to the building, covers common areas, and includes liability coverage for incidents occurring in shared spaces. This kind of protection is invaluable in maintaining the property's value and ensuring its longevity.

Comprehensive Coverage

Protects against structural damages, covers common areas, and includes liability for incidents in shared spaces.

Risk Management

Essential in scenarios like natural disasters, fires, and minor incidents, preventing financial burdens on owners.

Investment Protection

Maintains property value and longevity, safeguarding the financial investment in the property.

Peace of Mind

Offers security against unforeseen events, allowing owners to focus on maximizing property potential without worry.

What is covered in Strata Insurance policy?

Strata insurance encompasses a variety of coverages to ensure comprehensive protection for strata schemes. Here are some of the covers commonly included.

Building Coverage

This is the core of strata insurance, covering damages to the building's structure, including walls, roofs, and floors.

Common Area Protection

It extends to common areas like gardens, pools, and gyms, safeguarding shared spaces against damage.

Public Liability

This covers legal liability for injuries or damages occurring in common spaces.

Contents Insurance

Although not always standard, this covers items like communal furniture and appliances.

Understanding the cost

The cost of strata insurance is influenced by several factors:

Property Location: High-risk areas for natural disasters attract higher premiums.

Property Age and Condition: Older properties may require more insurance due to increased risk of issues.

Claim History: A history of frequent claims can increase premiums

Coverage Extent: More comprehensive policies will cost more.

How we offer competitive pricing

At Tank Insurance, we're committed to offering competitive pricing. We achieve this by:

Tailored Policies: We customize policies to match specific needs, ensuring you only pay for what you need.

Risk Assessment: Our thorough risk assessments help in identifying ways to mitigate risks, potentially lowering premiums.

Market Analysis: We constantly analyse the market to offer rates that are both competitive and fair, ensuring value for money.

Choosing the right cover

Selecting the appropriate strata insurance policy requires careful consideration to ensure it meets your specific needs. Here's a few key steps.

Coverage Scope and Limits

Scrutinise the extent of coverage offered. Essential areas to review include building and common area damages, public liability, and loss of rent. Ensure the policy's limits are sufficient to cover potential large-scale damages, a crucial factor for strata properties.

Policy Flexibility and Customisation

Assess the flexibility of the policy in terms of customisation. This is vital for strata properties as they often have unique features and shared facilities. The ability to tailor aspects such as excess amounts and specific inclusion or exclusion of certain risks can make a significant difference in how well the policy serves your property's needs.

Claims Process and Support

Investigate the insurer's claims process. For strata insurance, it's crucial to have a straightforward, efficient claims procedure. Look into their response times, support during claims, and history of dealing with complex strata claims. Efficient claims handling can greatly reduce the stress and impact of damage or loss on the community.

Legal Compliance and Regulations

Ensure the policy complies with local strata regulations. Strata insurance must adhere to specific legal requirements, which can vary. A policy that aligns well with these regulations not only provides peace of mind but also ensures that all legal obligations are met without any additional complications.


What does residential strata insurance cover?

Residential strata insurance typically covers shared property within a strata community, such as common areas, car parks, and legal expenses arising from claims.

How do insurance brokers determine competitive premiums for strata insurance?

Insurance brokers assess the strata building's value, location, and claim history to offer competitive premiums for both residential and commercial strata insurance.

Can strata managers help reduce government audit costs?

Yes, experienced strata managers can implement efficient practices to help keep government audit costs in check for the owners corporation.

What is the role of an insurance broker in managing strata property?

An insurance broker works on behalf of the owners corporation to find suitable insurance solutions, ensuring the strata property is adequately covered.

How is common property insured in a strata community?

Common property, including shared facilities like washing machines, is insured under the strata insurance policy, managed by the body corporate or owners corporation.

Are lot owners in a strata community required to have additional insurance cover?

While the strata insurance covers common areas, lot owners may need additional insurance cover for personal contents and interior fittings not covered by the strata policy.

How important is building long-term relationships with insurance brokers for an owners corporation?

Building long-term relationships with a qualified team of insurance brokers can lead to better understanding of your specific needs, potentially more competitive premiums, and robust insurance solutions for the strata property.

What should be considered when selecting insurance for commercial strata properties?

When selecting insurance for commercial strata, consider the unique needs of common contents, unit owners, and shared property, ensuring the policy includes comprehensive cover for potential legal expenses and damages.

Disclaimer: The content provided on this page is for general informational purposes only and does not constitute explicit advice, endorsement, or recommendation. While we strive to ensure the accuracy and reliability of the information presented, no guarantees are offered. It is essential for users to seek individual guidance or consultation to address their specific needs and circumstances. We are not responsible for any direct, indirect, incidental, or consequential damages or implications arising from the interpretation or use of the information available on this page.