Common Property Liability Insurance
So what’s the big deal when it comes to common property liability cover & why is it an issue?
In Victoria there seems to be many ‘strata’ properties that should be covered in their entirety by a proper strata insurance policy, inevitably seem to end up being covered by multiple individual property policies and random Public Liability policies that are taken out in the name of the PS or OC entity.
In an ideal world there would be a formally registered owners Corp / body corporation every time…
More often than not though this is not the case…
SO…. this is an FYI / education spot for every prospective unit / townhouse owner who purchases a property where there is common property involved.
As an owner of a strata titled you have a responsibility to ensure that the common property is insured for any potential claims in relation to possible Public Liability claims. Common Property at times is for things you cannot see, underground Drainage Pipes, Easements etc.
To ensure you are covered you need to have a policy in place that insures the owners of the common property. This is in ADDITION to your liability coverage that forms a part of either your Standard Home Insurance or Landlord Insurance Policy.
Need more info? Call our team to discuss – 1300 309 237