Protecting your strata property and shared assets
Body Corporate Insurance helps safeguard the shared aspects of residential and commercial strata properties. By providing coverage for buildings, common areas, and shared facilities, this insurance ensures that the collective interests of property owners and tenants are protected against a range of risks. Policies can be tailored to suit the specific needs of your property, giving owners and tenants confidence that their investment is covered.
What is Body Corporate Insurance?
Body Corporate Insurance (also commonly called 'strata insurance' or 'owners corporation insurance') protects residential and commercial strata properties, including buildings, shared facilities, and common areas, against risks such as fire, storm, accidental damage, and theft. This helps to safeguard the collective interests of all property owners or tenants within a strata-titled development, ensuring they are financially protected against liabilities related to shared property.
Coverage also includes legal liability for injury or property damage to residents, visitors, or contractors. Policies can be tailored to your property’s specific needs, with optional extensions for fixtures, fittings, and equipment, providing comprehensive protection for both owners and tenants.
A typical policy can include the following key benefits:
Building & Common Area Protection
Covers damage to the physical structure of the property and shared areas, including lobbies, stairwells, lifts, and recreational facilities. Protection extends to risks such as fire, storm, accidental damage, and other insured perils.
Public Liability Coverage
Provides financial protection against legal claims from residents, visitors, or contractors for injury or property damage occurring in common areas. This helps to ensure the body corporate is safeguarded from potential liability costs.
Optional Fixtures & Fittings Cover
Extends coverage to include permanently installed fixtures, fittings, and equipment such as security systems, air-conditioning, or communal appliances, ensuring all essential components of the property are protected.
Customisable Policy Options
Tailor your coverage to match the specific needs of your residential or commercial strata. Options may include additional perils, increased liability limits, endorsements for unique building features, and office bearers liability insurance to protect committee members against claims arising from decisions or actions taken in their official capacity.
Who needs Body Corporate Insurance?
Body Corporate Insurance is essential for a variety of property stakeholders, including:
Residential Owners' Corporations
Managing apartments, townhouses, or units, where shared facilities and common areas such as lobbies, gardens, and recreational spaces require protection against property damage, public liability, and other insured risks.
Commercial Strata Properties
Including office buildings, retail spaces, or mixed-use developments, which feature communal areas and shared operational risks that need tailored insurance coverage for both the property and its occupants.
Property Managers
Responsible for multiple strata properties, requiring comprehensive insurance solutions to safeguard their clients’ buildings, shared facilities, and liability exposures, while ensuring compliance with legal and regulatory obligations.
Get in touch
At Coverforce, our experienced brokers work with your strata or corporate body to identify the most suitable coverage for your property, assessing specific risks to design a tailored policy that meets your needs.
For more information or to arrange cover, please contact us or simply fill out the Body Corporate Insurance quote form below and one of our insurance brokers will get in touch in one business day.
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