IS YOUR COMPLEX UNDER INSURED

Building valuations are often made on the assumption that all units in the block are of the same standard of quality. This may not be the case at all (well we know that by the ones that I sell some are original and some are stunningly renovated). A body corporate can get a valuation completed today, then over the coming months, lot owners in the block can put new bathrooms/kitchens in involving sizeable amounts of money.  Naturally lot owners would expect these improvements to be covered by their insurance policy, but with all of these high class improvements, the original valuation is obsolete and the building is under insured.

A total loss occurs, lot owners who have made these improvements will find they are unable to recover their costs. Under these circumstances they are entitled to begin an action against the body corporate for breach of its statutory duty i.e.: failure to insure the building for its full replacement value.  (well if the owners do not inform the Strata Body Corporate I would say it falls on their heads).

If I was an owner then I would insure my improvements myself - talk to your insurance company and see what they say as the building insurance covers the building not necessarily everything in side your apartment that should be your insurance that covers that.

With the valuations we have been having of late with our buildings the value has gone down not up as the apartments have devalued quite considerably I think we are pretty safe - dont you?

MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO!!

SELLING MOSMAN PARK & THE WESTERN SUBURBS!! 

KEEPING IT REAL IS OUR MOTTO!!