Insurance protects one of your biggest investments, but many sectional title owners and HOA members only think about it when something goes wrong. Understanding how your community scheme's insurance works can help you avoid costly misunderstandings and ensure you are properly protected. Know what is covered In most sectional title schemes, the body corporate is responsible for insuring the buildings and common...
It is important to understand the extent of coverage of the body corporate’s sectional title insurance - and what your personal liability is - to avoid any oversights. This is especially true for new owners. In this article, we provide some information to clarity the matter: Sectional title insurance is a legal requirement, and the costs are calculated according to each section...
Parking bays and store rooms can be quite a controversial subject, especially when it comes to a unit being sold of which the owner has had the use of a parking bay or a store room. It is commonly assumed that such a parking bay or store room belongs to the seller and they have the right to sell it...
Owners of units in sectional title schemes are often surprised when they need to pay an excess on a claim submitted to the body corporate’s insurers. It seems like many owners do not understand the relationship they have with the scheme’s insurance policy and the terms attached to such a policy. One of the important responsibilities of trustees is to ensure...
Insurance may seem like a grudge purchase to some but in sectional title schemes it is worth every cent. In addition, the trustees have a fiduciary duty to ensure that the scheme is comprehensively insured and that all compulsory insured perils are covered as required in terms of the Sectional Title Schemes Management Act (STSMA). Let’s consider the various types of...