We are a 5 lot built Strata titled property and would like to self-insure our own lots and insure the common property driveway separately, costs for that borne by all owners?
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Depending on the property itself, they may be allowed to insure separately. Usually if there are 5 lots or less and the only common property that exists is a driveway, the lot proprietors can by a resolution without dissent resolve to insure separately, however, if any lot owner doesn’t agree you are obliged to insure as a built stratum.
Individually insuring your own property will also limit the registered lot proprietors’ options for cover over the common property and their individual lots. For example, CHU & SCI will not provide cover for common property alone if it is a registered built strata (only for survey strata do they offer common property cover) and most home insurers will not provide cover for individual lots on a strata scheme due to the concerns around shared liability and the registered lot proprietor must disclose to their insurer that their lot does form part of a strata plan.
Abode Strata is a distributor for Honan’s insurance Brokers, who assisted with provision of the above information.