What is it?
Body Corporates are obliged to take out Body corporate Insurance to cover the building, common property and common area contents of a strata scheme. Insurance is available for both residential and commercial body corporate properties.
What does it cover?
Body Corporate Insurance provides cover for the building as well as common areas. Common areas can include floors, walls and ceilings, balconies, gardens, lifts, car parks, pools, spas and tennis courts. Every policyis different, so it’s important to be aware of the specific insurance cover requirements of your Body Corporate agreement.
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.
To discuss the right options for you, contact your local Insurance Advisernet Broker today.