Does Your Body Corporate Insurance Have You Covered?

Corporate Insurance

If you own a strata-titled property like an apartment or a condominium, you may think that a home insurance is all you need to keep your nights worry-free. Well, think again. While your home insurance policy may offer coverage to your property and its contents, it will most likely not cover those shared facilities such as car park, pool and playground, recreation facility, walls or fences, cables and pipelines, and so on. That means if a guest or a family member or even an intruder falls and hurts herself in any of those shared areas, you will most likely pay for the cost—and this where a body corporate insurance comes in.

Know Your Property’s Rights

 Before getting into a body corporate insurance policy, it is imperative to carefully review the contents of the said agreement. Do not just blindly sign right away because everyone had done it. As a property owner, it is your right to reserve judgment and to point out any sort of objection or clarification. Be reminded that you will be sitting as a member of the said group and pay the same amount of premium as everyone else.


Generally, a body corporate is tasked to scout for the right insurer that can deliver the coverage needed for the shared areas of strata-titled properties. As every property is unique, so should your insurance coverage be. Some may have a common clubhouse where amenities like a swimming pool, a playground, or a recreation facility is housed. Others may only have the usual shared spaces like a car park, fence, hallways or lifts. With this, you can easily double check what coverage must be addressed by a body corporate insurance and weigh on the amount of premium stipulated on members.

When these things are not clear to you, it is within your right as part of the group to demand explanation or clarification. You can call up the attention of the body corporate and set a meeting with all other property owners. It may also be wise to find out who the insurer or broker assigned for the said insurance policy for you gain direct access to the agreement and gain adequate knowledge on its coverage.

Cheap Is Not Always Best

 Whatever you do, it is essential not to assume that a body corporate insurance has all your bases covered. It is also not safe to assume that a cheap premium is all you need. You may think that shared areas rarely figure into any “accidents” until someone fall on the stairs or a guest accidentally gets injured in a car park suing property owners for negligence, or perhaps, when a lift got damaged due to an electrical failure costing everyone thousands of dollars for repairs or complete replacement. By then, it’s already too late to discover that your insurance does not offer the level of protection you need. In everything else, it is always important to talk to an expert insurance provider who can give you a semblance of clarity on whether your current body corporate insurance policy is enough or otherwise need to be updated.


Need to clarify certain points in your body corporate insurance policy? Request a policy review by scheduling a consultation with Landlord Insurance HQ. Call 1300 815 344 or request a quote online now!