Q: In Victoria when owners corporation insurance is due, how is it apportioned to each unit? Is it by square meter, number of bedrooms, or land size?
In Victoria when owners corporation insurance is due, how is it apportioned to each unit? Is it by square meter, number of bedrooms, or land size? – Susan, VIC
A: A part of the owners corporation fees you pay should include your property’s insurance. These levies are usually apportioned based on your unit’s entitlement which is based on its market value at the time of registration of the owners corporation plan. The larger the lot, the more unit entitlement it has, and the higher the levies for that unit.
The single largest expense for all owners corporation properties is generally insurance, so if your property has had multiple insurance claims, this may drive up the cost for your annual insurance premiums that are included in your levy payments.
