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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.
Get the right advice at the right price and have a local Steadfast broker on your team.
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.