A body corporate is legally required to insure all the units in a multi-unit building or complex, as well as property that is jointly owned by all unit holders.  The property must be insured for the full replacement value, where possible.  

The entire property must be insured under one policy in the name of the body corporate. This means that as an individual owner, you can’t insure your unit yourself.

The body corporate chairman or appointed manager is responsible for ensuring the correct insurance cover is in place. The cost of insurance is incorporated into the body corporate fees charged to each unit owner.

Body corporate insurance usually covers the building and all common or shared property.  It also covers the liability of owners, body corporate managers and committees.

• Features and benefits of Orion body corporate insurance. 

Shared areas may include foyers, stairwells, balconies, corridors, lifts, car parks, shared garden areas, swimming pool and driveways.  Shared property may include washing machines, driers, lawnmowers and gym and pool equipment.  

For owner occupiers and tenants, personal contents such as furniture, curtains and household items are not covered by body corporate insurance. You should consider taking out contents or landlords insurance to cover chattels such as whiteware and personal possessions.