One of the biggest errors is treating their non-strata property as if it were a single-tenant property. They end up purchasing a single-tenant landlord policy. This policy often needs more vital covers and fails to compensate for possible risks of owning a block of units. 

Another frequent mistake is choosing an expensive commercial insurance package. Although it might seem like the logical choice regarding the comprehensiveness of coverage, commercial insurance rarely offers value for money when discussing blocks of units. 

Many landlords also frequently need to pay more attention to the importance of accurate property valuation and subsequent updating of this valuation. If you don’t update your property valuation, you could be left without adequate insurance coverage during a claim, leading to potential financial losses.