You can't pick your neighbours. You may not even like them.
But when you own a property in a unit title development (as opposed
to a fee simple or cross-lease title), you and your neighbours are
covered by the same insurance policy.
Unit title developments aren't necessarily limited to large
apartment complexes. Smaller blocks of flats and small to medium
commercial developments are often unit title developments,
especially where a number of individual properties share common
facilities such as driveways.
With a unit title development, the Body Corporate takes out
insurance for all of the units. Where any unit or common property
has sustained earthquake damage, it is the Body Corporate that
lodges the claim with EQC and their private insurer, and deals with
the inspections, completion and costings of scopes of repair work.
And ultimately the Body Corporate will make any decisions about
repair or rebuild of the damaged property.
