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In almost all situations, an owners corporation must take out both reinstatement and replacement insurance and public liability insurance for all lots in a multi-storey development if:

  • Any of the lots is located above or below another lot, or
  • Any of the lots is located above or below common property.

The only situations where this requirement does not apply are if:

  • The lots are actually single-storey, such as those found on multi-storey plans that define the space above and below the lots as common property, or
  • The multi-storey development was registered under the Strata Titles Act 1967 and Cluster Titles Act 1974 and does not have lots above or below one another.

 

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