Insurance
All owners corporations, except two-lot subdivisions, must take out reinstatement and replacement insurance for all buildings on the common property and public liability insurance of not less than $10 million for the common property.
Owners corporation which cannot insure the common property on reasonable terms, may apply to VCAT for an exemption from the required insurance.
Individual lots owners can take out their own insurance over and above the insurance provided by the owners corporation to cover for their lot or their interest in the common property.
