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Topic
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Strata Insurance vs Individual Lot Insurance
Hi,
I’ve purchased a villa unit in Victoria. There are three lots and a common property driveway. The lot boundaries are exterior face.
The owners corporation has public liability insurance for the common property. They don’t have building insurance for the villa units. I understand lot owners can take out their own building insurance.
My lender requires building insurance on my villa unit.
Can I get individual home building insurance?
Or, does the building insurance need to be provided by the owners corporation through their strata insurance policy?
I would prefer to take out my own building insurance.
Thanks
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Replies
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There are special arrangements for two-lot schemes but I think not for three or more.
There’s an interesting Q&A about that here on our friends’ LookUpStrata website.
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