How are insurance premiums for jointly owned property handled?

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Ali Faizan Syed · Accepted Answer

Every Management Entity must secure insurance for the building to cover maintenance and reconstruction after events like fires. The insurance premiums are not paid separately by owners but are included in the annual Service Charges. These premiums are calculated based on the specific insurance contracts negotiated by the management entity. By bundling these costs into the service charges, the law ensures that the building remains fully insured at all times, protecting the collective investment and safety of every unit owner in the development.

How are insurance premiums for jointly owned property handled?

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Ali Faizan Syed