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Can I insure one unit in a block?

If your unit is part of a Body Corporate then the answer is simply no, as Body Corporate the is responsible for insuring all the units on behalf of the unit owners.

If the units are not part of a Body Corporate and are cross leased then it is possible for each owner to insure the units separately. This situation is not ideal as there is no way of apportioning the shared spaces/driveway/fencing. If they are all insured separately, and one unit was involved in a loss which impacted the others, the claim could become a long and costly process; and an insurers worst nightmare.

We recommend having a conversation with the owners of the neighbouring units about their insurance arrangements and look to all insure with the same underwriter (such as IAG) for ease and simplicity.

Initio will insure the end units in a block without confirmation of the other units insurer. To insure a middle unit (a unit that attaches to more than one other unit) we would require confirmation that the neighbouring unit was insured with initio, or another IAG brand (such as NZI, AMI, State, Lumley, ASB, BNZ, Westpac).

If you are unsure, flick us a email or start an online chat for some personal advice.