Hi everyone,
So i bought one of two townhouses which are under a strata title, on settlement I paid a portion of something called "Strata Insurance". Its been 6 years on and I have not paid anything towards this strata insurance. I understand that strata insurance is cover for common land, which does exists between our 2 townhouses, so are we not covered? There is no body corporate, just us two owners.
Anyone else have this issue?
Regards,
PropertySeeker
Strange. Normally insurance is an annual premium. Who is arranging the insurance for you? Have you requested a copy of the insurance policy and most recent receipt? This will show you if the insurance is current, and also how much the complex is insured for. You will want of course to ensure that you are insured, but also for a sufficient amount should a demolish and rebuild ever be required.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi Property Seeker,
Is your property in Vic where for 2 unit lots there is no need for an active body corporate? If so then the owner of each property needs to organise their own building insurance as well as mention that there is common property that needs to be insured as well.
As Jacqui mentioned, this is an annual premium, it seems that yours has lapsed and never renewed for some reason.
Cheers
Tom
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