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Personal Insurance

Body Corporate Insurance

Body Corporate Insurance

Take the hassle out of shared space – and shared costs

If you own a townhouse, unit, apartment or body corporate business and you’re sharing common space with others, you don’t want to be left to foot the bill if there’s damage to shared parts of the building or items. So, it’s important to help protect your property – and your back pocket – with the right body corporate insurance. Body corporate insurance can protect the building’s common areas or facilities, with the premiums paid for by the owners’ corporations.

What do you need to know?

  • The main rules of insuring a body coporation

    When it comes to insurance the main three rules are:

    • The entire property must be insured under one policy in the name of the Body Corporate – this means that individual owners cannot insure their unit themselves.
    • The property must be insured for the full replacement value at all times and this will usually mean that insurance valuations are obtained each year to make sure this rule is followed.
    • There must be an appointed Secretary of the Body Corporate and the Secretary is responsible for arranging the insurance, obtaining valuations and receiving and paying invoices from the Body Corporate bank account.

  • What can it cover?

    Body corporate insurance can cover the building and all common or shared property, and contents which belong to the owners’ corporation. The type of cover and its cost will depend on the kind of building, where it’s located and the amount of common property you share.

    It may include:

    • Car parks
    • Ceilings
    • Common areas
    • Floors
    • Lifts
    • Shared contents, such as lawnmowers and washing machines
    • Swimming pool

  • What isn’t covered?

    There are exclusions. There is also often a deductible or excess and limits on cover, so check with your Steadfast insurance broker.

  • Product Disclosure Statement

    A Product Disclosure Statement (PDS) is available for body corporate insurance and can be obtained from a Steadfast insurance broker.

    You should consider the PDS in deciding whether to acquire, or continue to hold, body corporate insurance.

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Case Study

Protect your shared space and facilities

Don’t be out of pocket when the unexpected happens

Ken owned a studio apartment on the fifth floor of an inner-city apartment block. One day the lift broke down because a fire occurred in the fuse box.

Fortunately, Ken and the other members of their committee had taken out body corporate insurance, which was managed by an insurance broker. A qualified team of lift mechanics determined that the controller equipment and lift motor were worn out and needed to be modernised to stop the lift from continually breaking down.

The repairs were carried out and the cost was completely covered by their policy, which meant that none of the members were out of pocket as a result.

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Home and Contents Insurance
Landlord Insurance
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Home and Contents Insurance

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