Owners Corporation Insurance.

OC insurance covers the building, all permanent fixtures, and the common property. Many owners believe that the OC’s insurance only covers common property, but this is incorrect. It is more accurate to say the OC insurance covers the structure of the property. A common analogy is that if you take your apartment and shake it, the things that will not move will generally be covered by the OC insurance.

The insurance cover taken out by an OC typically does not cover fittings (including carpets, light fittings and window furnishings), private contents and public liability for individual lots. We therefore strongly suggest that you seek advice on insurance to cover issues that may arise within your lot.

It is important to note that if you make a claim on the OC’s insurance, you may need to pay the excess if the claim relates to your lot or was caused by negligence or a willful act.

Some Owners Corporations, such as estates, may not take out insurance cover as Owners have their own policies. Please contact your OC Manager to confirm if this applies to your Owners Corporation.