Strata building insurances

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  • 24/07/2012 at 6:37 pm #8273 Reply | Quote
    Small strata wiz
    Flatchatter

      I live in a regional area that just missed being flooded in the 2010 floods. Now our starta  insurer has dropped the flood coverage that we previously had. Another insurer will cover us but at a higher rate (an extra $180 per person per year). I am prepared to pay my share of the higher rate, as I recognise a possible risk and believe that we must manage it.

      However most other owners in our block of 6 units are going to vote against the higher premium and accept the policy without flood cover. If our homes were seriously damaged, we would each be up for hundreds of thousands of dollars.

      (a) Can an Owners Corp choose to not fully insure the strata property, especially if it leaves a couple of owners greatly exposed?

      (b) If there is a flood and damage occurs, what would the OC obligations be to individual owners?

      Does anyone else face this issue? What are you doing?

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    Reply To: Reply #15996 in Strata building insurances
    PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.

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