Owner-installed unit upgrades - what's covered
Scheme members can specify their private swimming pools, lapas, security features, luxury upgrades and other unit enhancements to be covered on their personal lines policy.
This means that members' additional premiums no longer need to be recovered by the body corporate.
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Earn discounts by joining Mono
Add your unit upgrades, home contents and other cover to your personal policy and instantly feel the benefits.
Contact us for more information.
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What the law says about insuring owner-installed unit upgrades
STSM Regulation 23(2) prescribes that a member is responsible -
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(a) for payment of any additional premium payable on account of an increase in the replacement value referred to in sub-rule (1)(b);
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(b) for any excess amount that relates to damage to any part of the buildings that member is obliged to repair and maintain in terms of the Act or these rules, and must furnish the body corporate with written proof from the insurer of payment of that amount within seven days of written request.​​
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