The Insurance Section of our report contains:
- Details of the Current Insurance policy taken out by the Strata Scheme.
- Details of any excesses payable by the Owners Corporation when lodging a claim.
- An Insurance Valuation that estimates the value of the Building - a report that must be obtained every five years.
- Proof of payment of the Insurance premium.
An Owners Corporation that has allowed its Insurance to expire or under-insured the Strata Scheme does present a serious risk when considering purcashing an apartment within an Owners Corporation.