Body Corporate Insurance is necessary for a Body Corporate from the day/moment the Strata Title registers. On the off chance that the Body Corporate does not have insurance, it implies that your unit isn’t insured.
Body Corporate Insurance – What Is It And What Do You Need It For?
Body Corporate Insurance is insurance that covers; (1) The common areas of your unit complex like lifts, foyers, pool, fences and garden areas, (2) Body Corporate Assets like Plant and Equipment, (3) The building(s) in which lots are located, and (4) Public risk.
In the event that an incident should happen that relates to any of the above condition, then a claim would be made through the Body Corporate Insurance policy. If you don’t have Body Corporate Insurance for your property you are risking your financial investment. With no insurance, the Body Corporate will most likely be unable to recover the expenses to repair damage or pay out the claimant.
How much does Body Corporate Insurance Cost?
The cost of Body Corporate Insurance is defined by a few things. For example, (1) how many lots are in the Body Corporate, (2) the age of the property, (3) the location of the property and (4) how many previous claims (if any) the Body Corporate has placed.
Each Strata Title should be evaluated by a professional insurance company or by a qualified insurance broker in order to obtain the correct cover required.
Where do you get Body Corporate Insurance from?
It is best to take Body Corporate Insurance from a professional insurance company or a strata insurance broker that specializes in the field. Your Body Corporate Manager would as a rule sort out statements from these experts and after that pass them on to the Body Corporate Committee for endorsement. It is up to the Body Corporate whom they protect their Strata Title with not the Strata Manager.