Can the owners corporation structure strata insurance so a lot owner cannot claim under the policy?

A lot owner is an insured party to the policy. They contribute to their building's insurance and have an insurable interest in the property.

When you buy a strata property, you purchase the claims history of the building. This is simply one of the things that you can't avoid. The only way to prevent this is to not own in strata.

It's crucial to understand that someone who pays for insurance and is an insured party has a right to make a claim on that policy. However, the owners corporation also has a role to play. They can negotiate specific excesses, such as in the case of water damage issues, where they can request voluntary higher excesses. Alternatively, they can recommend owners take action to maintain their property to reduce those claims.

This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Shandit Pty Ltd T/as Strata Insurance Solutions strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances. Shandit Pty Ltd T/As Strata Insurance Solutions is a Corporate Authorised Representative (No. 404246) of Insurance Advisenent Australia AFSL No 240549, ABN 15 003 886 687.