Insurance holder

Hello fellow investors,

I own a complex of 3 built strata units in Perth. All 3 villas have separate titles and i pay council fees for each of them separately. I had constructed them so own them from start. I have got building insurance from CHU and policy holder is defined as "owners of <address and strata plan>". Now CHU has increased their premium over the years and its now 2K per year for 3 units whose building is worth 800K only.

I checked with budgetdirect online and per villa they will charge me only $380 per year and policy will be in my name. So this is half of what CHU is charging. But with budgetdirect, they can insure only maximum 2 properties in one complex. So i need to insure 3rd property with someone else which i am okay with.

My question is - is it legally okay to insure built strata villas under my personal name rather than what is currently with CHU as "owners of <address and strata plan>"?

 

Yes, there is. Driveway is common property and villas are one behind another.

 

Ok. Got it. So driveway will be in strata company name and since i own all 3 units, i can insure them in my own name, right?

 

Are you sure you can even get individual policies if these are built strata? What are you insuring exactly? Are the buildings common property?

 

No, i am not sure. Thats why i am asking. In another way, i am asking whether a built strata property owner can take out building insurance for his portion of the building or not?

 

Possibly, but who is going to insure the common property if not the strata company?