#54471
Jimmy-T
Keymaster

    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.

    The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.