Body Corporate Insurance

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What property is covered by the body corporate insurance is determined by what type of property it is as the Strata & Community Titles legislation has  differences which are important to know.

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Strata Title insurance

​For a Strata Corporation, the body corporate will arrange insurance cover over the building, common contents, public liability, fidelity guarantee and legal defence expenses for the body corporate.

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Are contents covered by Strata Insurance?

Strata Insurance covers the building and fixtures. 

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It does not matter if the fixture is common property or private such as a kitchen bench or bathroom, all of the items you would normally expect to be insured under a building policy are insured on the policy held by the corporation.

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Contents are not covered and it is important that you have contents cover in place as your contents are not covered on the body corporate policy.

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Community Title Insurance

For a Community Corporation, the building is only insured where the property is a strata scheme, that is, it has one lot above another (such as an apartment building) or it's by-laws make it mandatory for the corporation to have building insurance over each of the homes which is often the case where there is no separation between the community lots.

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It is common in a Community land division where each lot has a separate house and the common area is just a driveway for the insurance held by the body corporate to be just on the common driveway and for each lot to have their own house and contents policy.

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​I've just had my offer accepted on a property, do I need to take out building insurance?​​

If you have bought into a Strata Titled property then the insurance continues irrespective of ownership and you do not need to do anything.​

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If you have bought into a Community Titled property, it is recommended that you speak with the sales agent and read through the Form 1 documentation they have provided for you to sign.  This will include the Certificate of Currency for the Corporation and if building insurance is not listed as an item covered, then each lot owner arranges their own insurance and you will need to arrange this to protect your asset.

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When it comes to insurance for bodies corporate we work with Coverforce Insurance Brokers who arrange quotations from specialist Strata insurers from around the country to get the best possible cover and price.

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If you have any queries in relation to strata insurance please contact our office.

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