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Sectional Title & Community Schemes
Article 12 of 74

Your body corporate has insurance. Do you still need your own?

Body-corporate building insurance and an owner's personal insurance do not cover the same risks. Contents, personal liability, improvements and excesses may fall outside the scheme policy.

PROPERTY INSIGHT 12 Your body corporate has insurance. Do you still need your own?
Scheme-specific reminder

Community-scheme rules can differ. Always check the current rules, approvals and documents for the specific complex or scheme.

What to know

  • The body corporate must insure buildings and improvements it is required to insure at replacement value.
  • A replacement valuation must be obtained at least every three years under the prescribed management rules.
  • Owners should check whether renovations or upgrades have increased the replacement value of their unit.
  • Contents and personal possessions usually require separate household-cover arrangements.
Important Information

The information in Fabulous Homes Insights is provided for general property education and information. Property, tax, finance, sectional-title, rental, municipal and compliance matters can differ according to individual circumstances, contractual terms, scheme rules, municipal requirements and changes in law. Where necessary, readers should obtain advice from an appropriate attorney, conveyancer, tax practitioner, financial professional, property practitioner, engineer, inspector or other suitably qualified professional.

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