Body Corporate Insurance

What is Body Corporate Insurance? 

A body corporate is a legal entity that is created when land is subdivided and registered under the Land Title Act to establish a community title scheme. The Body Corporate is made up of all owners within a unit titled property. Body Corporates are obliged to take out insurance to cover the building, common property and common area contents wherever a property is owned by a Body Corporate. Insurance is available for both residential and commercial body corporate properties. 

In a Body Corporate, when you become an owner of a unit, you become a member of your property’s body corporate. This excludes tenants who only pay rent to the owner of a unit. 

The Body Corporate management company and/or body corporate committee take care of compliance, legislative, and overall governance of the property, including management of finances, essential services, repair and maintenance of the shared spaces, and facilitation of body corporate insurance. 

Why is Body Corporate Insurance important?

Living in a body corporate complex comes with shared risks, such as common property and shared spaces. Therefore it is important to have the right cover in place to ensure you are covered correctly.  Body corporate insurance caters for those risks specific to body corporates. 

What does Body Corporate Insurance cover?

Body Corporate Insurance provides cover for the building as well as common areas and shared property. The common areas typically covered by body corporate insurance can include: 

  • Floors, walls and ceilings, 
  • Balconies, 
  • Lifts, 
  • Car parks, 
  • Driveway
  • Courtyard
  • Garden
  • Gym
  • Laundry area
  • Pool, spa
  • Playground
  • Tennis courts

The Body Corporate members share the costs of the Body Corporate insurance policy. 

Body Corporate Insurance also gives you the option to include Public Liability, providing cover against third-party damage or injuries that may occur on your premises 
Our brokers can walk you through the intricacies of body corporate insurance. Book an appointment with us at Insurance Advisernet today, and we’ll be happy to tailor-fit a policy based on your needs.            

Is Body Corporate compulsory in New Zealand?  

Where a property is registered as a Body Corporate, the body corporate must insure and keep insured all buildings and other improvements on the base land to their full insurable value. The Body Corporate must also take out any other insurance it is required to by law. If the unit you own is part of a Body Corporate, you’re automatically part of the Body Corporate. 


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