We are a strata with 3 townhome buildings occupied and 2 more under construction. How is this handled?
Typically the developer is responsible for insuring buildings under construction, until they are registered as part of a Strata Corporation.
From an insurance appraisal providers perspective, we only value that portion of the complex on the strata plan. This is because until registered as individual strata lots, they cannot become part of the Strata Corporation. When there is a change to the strata plan, the insurance appraisal will change as the values will change.