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We are a small block of 5 units in Sydney. Over the past few years we have been finding it increasingly difficult (and increasingly expensive) to get building insurance. This year our Strata Manager tells us we have been declined by all of the usual providers (AXIS, CHU, SUU, Longitude, Millennium, QUS, SCIA and GIO).
It appears our common wall/shared roof with a (non-strata) neighbour is the main problem. I don’t understand why this is a problem as every terrace house has common walls and shared roofs. Why treat strata differently?
Our block of 5 units was created out of two pre-existing terrace buildings, and we have another neighbour on one side – with whom we share a common wall (as terrace houses do). The neighbour’s terrace is a single home, not split into units like ours. The insurers have declined us on the basis that they cannot reinstate our building to it’s original condition without being the insurer of the neighbours property as well. We would prefer not to share insurers with our neighbours.
We have been advised by our Strata Manager that we can be covered by a different product (a Business Insurance pack) but it will cost us DOUBLE what we normally pay! Almost 7k!
Has anyone else had this issue? Have you found a solution? help!
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