Hello yet again all,
Another issue to contend with.
The town house I am looking at buying, one of two on a unit title, doesn't have shared/common insurance with the other town house as required for a unit title under the unit titles act. Eg the body corporate does not have a common insurance policy for both houses; they're individually insured (I assume the other one is!!) by their current owners. The units share a party wall.
Is this generally a problem, and something that may be an issue should perhaps, one unit catch fire and burn down the other? Or similar scenario?
In these times I am sure that insurance companies are looking to avoid paying up where possible, and I wonder if this would provide another escape clause for them.
If anyone has experience with this I'd be interested to hear.
Cheers, all the best
Another issue to contend with.
The town house I am looking at buying, one of two on a unit title, doesn't have shared/common insurance with the other town house as required for a unit title under the unit titles act. Eg the body corporate does not have a common insurance policy for both houses; they're individually insured (I assume the other one is!!) by their current owners. The units share a party wall.
Is this generally a problem, and something that may be an issue should perhaps, one unit catch fire and burn down the other? Or similar scenario?
In these times I am sure that insurance companies are looking to avoid paying up where possible, and I wonder if this would provide another escape clause for them.
If anyone has experience with this I'd be interested to hear.
Cheers, all the best
Comment