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All owners corporations must take out reinstatement and replacement insurance for all buildings on the common property. This covers the cost of repairing or rebuilding or replacing the damaged property and removing debris, as well as paying for architects and tradespeople required in the process.

Two-lot subdivisions are exempt from these requirements, but if there are buildings on the common property, the owners should still have insurance to cover the costs of reinstating or replacing those buildings.

 

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