Survey Strata Scheme Insurance Responsibilities
The Strata Company is only responsible for insuring the common property lot, as defined on the Survey Strata Plan. The lot owners are responsible for insuring their own lots and anything on them, as defined by the Strata Plan. Therefore, owners must obtain their own insurance policies to cover their buildings (their lot), land and legal liability. The Strata Company cannot Insure those lots with Strata Company funds, and should not be responsible in the event that an owner fails to pay their premiums.
Owners may have the option to co-opt into a Community Association Policy with the Strata Company. This is where the Strata Company has an Insurance Policy in the name of the Strata Company for the Common Property Lot, and Owners may take out a policy for their own lots, in their own name, but under the same Insurer as the Strata Company. This would be arranged through the same broker that the Strata Company policy is managed with.
Contact your Strata Manager if this is something you feel you may be interested in.