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  • Writer's pictureAbode Strata

Understanding Insurance in Survey Strata Plans: A Comprehensive Guide

Purchasing a lot within a survey strata scheme comes with unique considerations that every property owner should be aware of. In this blog post, we delve into the intricacies of insurance within survey strata plans and how it differs from standard built strata properties.

What is Survey Strata?

When you buy a lot in a survey strata scheme, you are not just acquiring a piece of land but also the building situated on that block. Typically, survey strata schemes feature a shared driveway that all owners utilise to access their properties. The survey strata plan designates common property areas, often denoted as CP followed by a number, such as CP4.

Handling Insurance in Survey Strata Plans

Insurance in survey strata plans is structured differently compared to standard built strata properties. While each owner is responsible for insuring their individual lot, there is also a common policy that covers insurance on the shared common property. Opting to insure under the existing Strata policy through CHU is recommended for several reasons:

  1. Simplified Claims Process: In the unfortunate event of a total loss where both common property and homes are destroyed, having one insurer responsible streamlines the claims process.

  2. Efficient Resolution: If a claim affects neighbouring properties, having one insurer in charge ensures a smoother resolution process.

CHU offers a comprehensive policy with competitive premiums, but the choice of insurer ultimately lies with the property owner. If opting for insurance elsewhere, it is essential to provide confirmation of cover to maintain accurate records for all owners.

Premium Quotations and Policy Arrangements

To determine the premium for the Strata policy, a quote can be obtained from CHU by providing the replacement value of your property. It is crucial to note that replacement value differs from market value as it considers the land value as well.

Once you have your individual quotation, completing the proposal form and returning it to initiates the policy arrangement process. The policy is facilitated through SPI (WA) Pty Ltd ATF SPI Investment Trust T/A Abode Strata Management, acting as an authorised agent of CHU Underwriting Agencies Pty Ltd on behalf of QBE Insurance (Australia) Limited.

By understanding the nuances of insurance in survey strata plans and making informed decisions, property owners can ensure comprehensive coverage and efficient claims handling.

For more information and to access the Product Disclosure Statement and Financial Services Guide, visit CHU Community Association Insurance.

Stay informed, stay protected!

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