what does body corporate insurance cover
Body corporate insurance, also known as strata insurance, typically covers common property and shared areas in a residential complex or multi-unit development. This type of insurance is crucial for protecting the collective interests of property owners within the complex.
In essence, body corporate insurance usually includes coverage for damage to the building's structure, common areas like hallways and gardens, as well as shared facilities such as swimming pools or gyms. It helps ensure that the costs of repairing or rebuilding these common elements are shared among all the property owners.
Additionally, the insurance policy often provides liability coverage, protecting the body corporate and its