insurance for survey strata

just want to know what fellow forumers had previously done insurance wise for survey strata subdivision.

I am not sure if other states are the same, but im interested particularly in WA, there are some exceptions that can be done if you are subdividing 5 or below such as no AGM, no sinking fund among others, making resolutions to self-insure etc.

I understand you need to insure common property if there is any. However, how did you insure the individual houses? is it under a strata insurance and then all the lot owners split the costs (downside is chasing that 1 person who don't care and does not want to pay up) or did you just go and buy individual policy for each lot? -

the reason im asking this is because previously whenever i try to get home insurance quotes, they always ask if the property is strata titled, and if you click yes you need to call them up.

 

Hi Oshawott,

Any insurer can cover the Common Property only, but there are only 2 strata insurers than can insure the buildings - CHU and SUU.
CHU will have the common property under a master policy, then the buildings will have their own policies under this, price based on sum insured.

The advantage with CHU is the owners can arrange their own insurance with AAMI, RAC, etc. but the master policy still exists.

Another insurer (SUU) has now introduced a survey strata product, this must encapsulate both the common property and all buildings under a single policy which all owners must agree to be under.
It's a lot more competitively priced than the relatively pricey CHU option though.

Strata policies offer a lot more cover than standard home insurance, I would recommend choosing a strata policy over a standard home policy for a survey strata (go the SUU route), you
will also save money across the board.

Hope this helps
Cheers
Phil

 

Hi Phil
Can you please explain the part that states " the advantage with CHU
is that owners can arrange own insurance with AAMI, RAC etc.,
and what SUU offer for Survey Strata owners.