Is strata insurance paid based on unit entitlements e.g. 60/40 or 70/30 or its paid 50/50 in a 2 lot residence?
It’s based on unit entitlement, which also means that the person who pays more gets to choose the insurer.
There are exemptions to compulsory strata insurance for two-unit schemes under Section 146 of the Act provided both owners agree and the buildings are not attached.
For instance, you might have a an allencompassing insurance policy – car, home and contents, building etc – that would be cheaper than your share of strata insurance. In that case you’d talk to your neighbour.