LOT OWNERS FIXTURES AND STRUCTURAL IMPROVEMENTS

The Property sum insured is insufficient in a total loss

This cover comes into effect when the damage to the Insurable Assets is so extensive as to be deemed a total loss and the property sum insured stated in Policy is exhausted. However, such property sum insured is insufficient to cover Lot Owner’s fixtures and structural improvements installed or upgraded by Lot Owners for their exclusive use that have occurred since the last valuation.

Lot Owner Fixtures and Structural Improvements insurance

A valuation was performed 3 years ago but since then 4 lots have had works within their lots, such as but not limited to upgraded kitchen, full internal fit out. This policy section would be elected.

All strata insurance includes this important additional covers unless it is an electable optional cover.

Need help? We’ll help you find an insurance policy that will cover you for lot owner upgrades and renovations.

Want to know more? Call us. We love to help.