What you need to know if you have a Body Corporate.

Got a Body Corporate Meeting coming up?  Here is a guide to make sure your Body Corporate has you covered properly.

If you live in a building complex, you’re already very aware of what it means to belong to a community group needing to make decisions for the group as a whole community.  One aspect that can really make a difference to your peace of mind, comprehensive strata insurance.

Whilst Strata insurance is mandatory and must also include public liability covering people that may be injured on common property there are varying degrees of cover.  Strata property owners typically share the premium costs of strata insurance and contribute to these through strata levies.

Residential strata insurance typically covers property and contents in common areas that is under the management of a strata scheme.  It’s important to know that specifically does not cover the contents and personal items belonging to owners or tenants.

Importantly, outside of these obvious things to cover, many strata insurance providers offer additional add-ons.  These will increase your insurance premium, however the extra protection will offer peace of mind, and extra assistance should something go wrong. Here are some the way you can make sure your Body Corporate is better covered :

• Office bearers liability: Covers wrongful acts by the committee or manager, including legal representation.
• Fidelity guarantee cover: Covers the event of loss of funds through fraudulent activity.
• Catastrophe: Australia has a history of extreme weather events. Catastrophe insurance can cover your replacement costs due to natural disasters like bushfires, earthquakes, floods and cyclones. It is best to check the insurance policy for the coverage of your property, definitions, inclusions and exclusions, or ask your strata manager.
• Machinery breakdown: Elevators are expensive to fix! Cover includes machinery on common property such as air-conditioning, water pumps, door/gate motors, boilers and pressure vessels.
• Personal accident/voluntary workers cover: Covers voluntary workers responsible for duties in your scheme or the event of serious accidents resulting in a permanent injury or unforeseen death.
• Government audit costs: Covers audit costs, as well as legal defence and appeal expenses.
• Flood cover:  Covers more than just your building. Your property may not ‘flood’ but you may be faced with temporary accommodation costs if you are unable to return to your property due to flood.
• Floating floors: Covers the cost of repair/replace the floating floorboards when a claim has been accepted due to water damage/storm water damage.

If you have questions are want to talk about your specific situation, please get in touch
with one of our team.