Building Insurance

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Building insurance is compulsory for strata schemes. It covers damage or destruction to building fabric, plant and equipment and common property. It enables replacement or reinstatement of the building and common property back to the same condition as when new.

Details of the policy are found on the Certificate of Currency, or in the Product Disclosure Statement. Previously a valuation was required at least once every 5 years. This is now recommended every 3 years.