Body Corporate Cover

Optional in all states and territories except NSW – where it’s compulsory – voluntary workers’ insurance covers anyone who is injured (or worse) while doing voluntary work for your owners corporation.

Compulsory in SA, but optional everywhere else, fidelity guarantee covers your body corporate for losses that come about due to fraud or theft of body corporate funds.

If someone brings a lawsuit against the strata committee, this option can help cover the cost of defending the claim against the individual committee members and also cover any payments they are required to make.

If your property has lifts and elevators, this can save you a lot in repair bills. But it also covers things like fused motors in communal washing machines, basement water pumps and, in most states, even air conditioners.

If a major disaster strikes, such as bushfire or cyclone, the cost of repairs can skyrocket due to increased demand on builders. This option comes into effect after a government-declared catastrophe to cover such increases.

Provides cover in the event of a government audit, protection if the Body Corporate needs to appeal an unreasonable Order imposed by a statutory body and provides cover for legal defence costs.

This can cover any shortfall between your building’s estimated replacement cost and its actual replacement cost when improvements or renovations have been made by an individual property owner, which the body corporate might not be aware of.

Owners Corp NSW

Like any company that owns property, the owners corporation has various responsibilities to the owners, tenants, the public and the law. In New South Wales, the Strata Schemes Management Act 2015 regulates how strata committees and owners corporations act and operate. Read more here.

Body Corp VIC

In Victoria, the Owners Corporation Act 2006 and the Owners Corporations and Other Acts Amendment Act 2021 regulate how committees and body corporates operate. You can find out more here.

Strata Title QLD

Like any company that owns property, the body corporate has obligations to the owners, tenants, the public and the law. In Queensland, the Body Corporate and Community Management Act 1997 and its regulations control how committees and body corporates act and operate. Discover more here.

Council of Owners WA

In WA, the Strata Titles Act 1985 regulates how strata committees and companies act and operate. In short, the strata company is responsible for maintenance, repair and overall management of the common property. Check out our page here.

What is a body corporate?

A Body Corporate is also called owners' corporation, strata corporation, corporation and strata company - depending on the state or territory. 

It is formed as a legal entity when land is ‘subdivided’ and registered under the law to allow multiple owners of a property, such as townhouses or apartments, to all have a say in the management of that land/dwelling.

What is body corporate insurance?

Body corporate cover helps protect the collective interests of all property owners or tenants within a strata-titled development, ensuring that they are financially protected against risks and liabilities associated with the shared aspects of their property. It typically covers common areas and shared structures within the property that are owned collectively by all the unit owners or tenants, along with the main building.

Is body corporate insurance compulsory?

Body corporate insurance is a necessary legal requirement, and it falls under the responsibility of the body corporate or its equivalent, such as the owners corporation, to ensure essential coverage. While specific requirements vary across states and territories, one consistent aspect is the need for public liability cover to safeguard the strata complex.

What is not covered by body corporate insurance?

In addition to major but rare acts such as terrorism, nuclear accidents and war, strata insurance also does not cover cyber incidents, loss of electronic data, asbestos-related damage or injury, any loss, damage or costs arising from communicable diseases, or any costs stemming from intentional damage caused by the body corporate or its agents.

What are body corporate fees?

In a strata property, individual lot owners contribute fees or levies to the body corporate to cover maintenance, repairs, and safety measures for assets like buildings, gardens, and equipment. These fees also encompass utility bills for shared spaces, insurance, management fees, and other professional expenses. The fee amount is typically determined based on the size or value of each unit, with larger units paying more. Read more about body corporate fees here.