Body Corporate Insurance Cover

A body Corporate must insure all buildings and other improvements for total reinstatement, as stipulated by the Unit Titles Act 1972. In this context, buildings and other improvements refer to items like fences, letterboxes, carparks and lifts. The building is covered for “accidental damage” under the corporate’s principal insurance policy, which does not include repairs and maintenance. Furthermore, any alterations to the original building are also not covered. The cost for insurance is determined on the basis of unit entitlement. This means the relative value of each unit in relation to other units. The actual cost of your proportion of the annual valuer’s fee and the insurance premium is usually less than it would be for an equivalent property that is not a body corporate. To know more please visit our site!