What is Common Property?
In basic terms, the Common Property is everything on the strata scheme plan that is not an individual lot.
This will usually include:
- the external walls,
- shared outdoor spaces (e.g. driveways, gardens etc),
- shared indoor spaces (e.g. lobbies, corridors, stairways etc), and
- shared facilities and services (e.g. lighting, underground services etc).
The formal ownership of the Common Property rests with the Owners Corporation of the strata scheme.
What is Common Property Health and Safety Breaches cover?
Workplace, Health & Safety Breaches cover provides protection for the Owners Corporation against the legal costs associated with appealing an imposition made against the Owners Corporation by an authority under relevant workplace, occupational health and safety legislation.
How much should we insure our buildings, common areas and common contents for?
The level of cover required for your strata scheme will be specific to your unique circumstances, however it is important you insure your building and common areas for full replacement and reinstatement value, in order to be compliant with your state-based strata legislation.
An insurance replacement valuation is a recommended way of ensuring you know your strata scheme’s replacement and reinstatement value.
Categorised in: Strata