Body corporate insurance is essential for protecting shared property and common areas in apartment complexes or townhouse developments, safeguarding against damages from fires, storms, and vandalism.
It’s vital to note that while body corporate insurance covers the building's structure and common areas, it does not extend to personal belongings, requiring individuals to seek additional coverage.
The body corporate is responsible for insuring shared property under the BCCM Act, including permanent fixtures, but excludes tenants’ removable fixtures and certain appliances.
Owners must ensure that their body corporate insurance policy includes coverage for all common property components, including floating floors, as this may vary by insurer.
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