Body Corporates or Multi-Unit properties are a common form of multiple ownership. Typically, different people will own different units within the building as a whole, sharing certain responsibilities such as insurance. Body Corporates can be structures such as apartment buildings, multiple units, office buildings or shopping malls.
Organising the insurance cover is one of the most important duties of a body corporate. Finding the right cover is a huge responsibility and can be incredibly difficult. At Lifetime, we have a huge amount of experience dealing with the complicated issues surrounding body corporates and can help you and your fellow tenants find the perfect cover for your building.
Body Corporates are required to be valued yearly to make certain they are insured up to their full amount. This is essential because if a claim for total loss is required, all parties need to be reimbursed at the full amount of their unit’s value. Undervalued units can cause huge legal headaches as it will mean that not everyone will receive the funds they are entitled to. We can help you find a qualified, experienced valuer so you can feel safe knowing that your Body Corporate is properly insured.
If you own a unit within a body corporate, it is generally recommended that you have your own insurance in addition to the body corporate’s policy. We can assess your main policy and provide advice on what additional areas you should be covered for such as your liability for any damage your cause.
Let us guide you through the tricky world of Body Corporate insurance. With our experience you can feel safe, knowing that your investment is protected from the unforeseen.