Hi Listers……..
Got a particulat WA question and like some help.
With a Survey Strata property it is my understanding that the owners of each survey strata lot is responsible for insuring their own improvements on their own lots. If there is any common property, then this would need to be covered by insurance separately?
This is different to a Strata Scheme (multi storey units) where the insurance covers the whole of the biulding and common property, correct?
That being the case, has anyone had expereince going to an insurance company for say 14 properties in the same survey strata development to seek a disocunted separate insurance for each property and for the common property?
The issue I have is where the buildings might join and one owner does not take out insurance and for whatever reason their property is destroyed. A once pretty development will then look awfully ugly and affect other property’s values.
Thx…….
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