Under the Strata Title Act, the onus imposed on the Building Management Corporation is a heavy one. They have to arrange insurance for all units of the building inclusive of the common areas on reinstatement value (i.e. replacement or "new for old" values) under a "Master Fire or Houseowners Insurance Policy". Insurers would issue separate certificates of insurance for the individual unit owners and this would be acceptable as evidence of insurance of the units by the financiers. If the management corporation handles the insurance in the proper manner, you just need to consider the additional values you may have incorporated into your own unit e.g. enhancement like plaster ceilings, better quality flooring finishing, built-in wardrobes & cabinets, air-conditioning and the like. The Building Management would have insured the units based on the "standard" features and individual owners would have to ensure that changes to the units are handled separately on their own.