Owners Corporations Insurance
The Owners Corporation Act 2006 sets out the minimum insurance cover required for all Owners Corporations. The Act also enables Owners Corporations to take out insurance cover for other risks.
All Owners Corporations must take out reinstatement and replacement insurance for all buildings on the common property. This covers the cost for repairing or rebuilding or replacing the damaged property and removing debris, as well as paying for architects and tradespeople required in the process.
Two-Lot Subdivisions are exempt from these requirements but if there are buildings on the common property, the owners should still have insurance to cover the cost of reinstating or replacing those buildings.
Phone (03) 9729 3512 or fill in the form below for more information:
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