When one owner owns the whole block of units, the property most likely has a Torrens Title instead of Strata Title, which means insurance for Torrens Titled Units is required.
This often is the case when the owner either buys the entire block of units for sale or builds a block of units but does not need to sell off any of the units and retains ownership of all units in the block.
When this occurs, the property does not qualify for a Strata Title Insurance Policy and many insurers will not provide cover under their Residential Landlords policy when there are 4 or more units in the block.
We can arrange cover for any Block of Units that does not qualify for Strata Title Insurance with the following sections:
- Contents cover for your carpets, blinds and any white goods you have in the property.
- Loss of Rent (if there is a claim under your policy such as fire damage or storm damage and the tenant has to move out while repairs are carried out this policy will pay the rent that you are missing out on during this time until the repairs have been completed).
- Public Liability
If for any reason you decide to Strata Title the property in the future, the policy can be easily converted to a policy that complies with the Strata Titles Act.
For a quotation or more information on our insurance and risk management services for commercial and industrial enterprises, please send your enquiry using the form below or contact one of our friendly team on 1300 769 455.