Body Corporate Insurance
Biima
What is Body Corporate Insurance and Why Should YOU Get One?
When it comes to strata properties, common areas like hallways, lifts, driveways, swimming pools, exterior walls, etc., are prone to damage. A resulting major repair or replacement work can lead to significant out-of-pocket expenses for the unit owners. That’s why strata-titled property owners should get body corporate insurance. A body corporate insurance, also known as strata insurance, covers common areas of strata-type properties like apartments and townhouses, etc. With this insurance, the owners won’t have to bear the brunt of the repair work, even in case of significant damage. It is also a legal requirement in Australia – all body corporates must arrange this insurance on behalf of all owners.
A strata body corporate insurance covers –
- Building and Common Property: Repair and replacement cost for shared areas and fixed features like bathrooms and kitchens.
- Public Liability: Protection against legal claims if someone is injured or their property is damaged in the common area.
- Building Damage: Cost of rebuilding in case of a fire, storm or accidental damage.
- Legal Liability: Legal charges in case of negligence or non-compliance with regulations.
- Equipment Breakdown: This includes the cost of repairing or replacing machinery in common areas, such as elevators, heating, and cooling systems.
With insurance for body corporate, YOU secure comprehensive coverage. So, if YOU are yet to secure YOUR property with strata body corporate insurance, connect with our experts and expect complete assistance with all aspects of YOUR insurance journey. From policy search and comparison to insurance application and claim lodgements, we help YOU with it all and ensure a seamless experience.
Body Corporate Insurance
Insurances
Insurances We Provide
At BIIMA, we bring YOU a full spectrum of insurance policies from leading market players to protect YOU, YOUR assets and YOUR business – manage risks and live with added peace of mind.
Why Choose Us as YOUR Body Corporate Insurance Brokers?
01
Tailored Solutions
Providing personalised insurance support for businesses and individuals since 2015.
02
Diverse Portfolio
A rich insurance portfolio – 85% commercial and 15% personal insurance.
03
Customer-First
We keep YOUR interest, YOUR need, and YOUR satisfaction at the CORE of our Insurance Solutions.
04
Multilingual Experts
We have a multilingual team, so language would never be a barrier to us.
Connect with us to discuss YOUR body corporate insurance requirements and explore YOUR options.
Insurance by Industry
Industries We Cater
We assess risks and vulnerabilities inherent to YOUR industry and ensure YOU are covered where it matters the most. Whether YOU are a small enterprise or a large-scale business, access tailored insurance solutions with us. Diverse industries, ONE Insurance Broker firm!
Body Corporate Home Insurance: The Protection YOUR Property Needs
At BIIMA, we understand that each property is unique and will require tailored corporate insurance coverage. That’s why we offer personalised assistance with aspects of YOUR insurance journey. We don’t believe in a “one-policy-for-all” approach but provide custom insurance solutions through extensive market research.
- Based on YOUR financial capacity, coverage requirements, and specific risk factors, we will recommend the most suitable insurance policies available in the market and ensure comprehensive protection for all stakeholders involved.
- Our body corporate insurance brokers stay up-to-date with the latest regulations and laws regarding strata insurance and ensure that the insurance policy YOU choose complies with Australian legal requirements.
- With over 9 years of experience in the insurance industry, we have built a strong network of insurance providers. We leverage our connections to provide the best coverage options at competitive rates.
- We also offer complete assistance with claim lodgement. In case of an unfortunate claimable event, contact us, we will handle all specifics and ensure a smooth and efficient resolution.
When YOU own a strata property inhabited by several individuals, accidents can be a common occurrence. From plumbing and electrical issues and accidental fires to theft and vandalism, such incidents are always possible. YOU can’t prevent them, but secure yourself against the associated financial burden with a body of corporate strata insurance. Whether YOU need body corporate home insurance or commercial insurance, we expect to meet YOUR requirements. Connect with us to learn more.
Most Asked Queries
Frequently Asked Questions
What is not covered under body corporate insurance?
Body Corporate Insurance typically does not cover:
- Personal belongings or contents within individual units.
- Routine maintenance or wear and tear of the building.
- Damage caused by intentional acts or negligence.
- Individual unit renovations that fall outside the original building structure.
- Environmental damage not caused by insured events (e.g., pollution).
For exact coverage details, contact our body corporate insurance brokers, who will gladly guide YOU through.
Do YOU help with body corporate insurance policy renewals and claim lodgements?
Yes, we help all our clients with both insurance renewals and claim lodgements –
- Policy Renewal: We will send YOU an email regarding policy renewal at least 20-30 days before YOUR policy expires. YOU can update any information or coverage YOU require in the new policy year. If we receive a response from YOU, we will obtain alternative quotes based on the latest information YOU provide. Otherwise, we will obtain alternative quotes based on our current information. We will start the renewal process and ensure a straightforward experience.
- Claim Lodgement: Whenever a claimable event happens, share the initial information with us over the phone. Depending on the type of claim, we will email YOU a list of required documents. Once YOU submit the required documents, we will lodge the claim with the relevant insurance company and help YOU finalise it.
How much does body corporate insurance cost?
The cost of getting a body corporate strata insurance depends on diverse factors including but not limited to–
- Size of the property: The bigger the property, the higher the premium.
- Location: High-risk areas will require broader coverage and will cost more.
- Level of coverage: The more coverage YOU require, the higher the premium will be.
- Property Type: Commercial strata properties face higher risks than residential ones.
- Value of the Building: The cost of YOUR insurance will be directly proportional to the value of YOUR building.
At BIIMA, we consider all these factors and help YOU find the most suitable insurance policy. We don’t sell insurance, but we bring YOU policies that offer the best value for YOUR money and suit YOUR needs and requirements. Connect with us for tailored body corporate insurance assistance.
Does body corporate insurance cover individual units?
A body of corporate insurance only covers shared/common areas of a strata property like hallways, lifts, driveways, swimming pools, exterior walls, etc. Individual units, personal belongings, appliances, and furniture are excluded from this insurance. But it might cover certain fixtures and fittings within individual units (e.g., kitchens or bathrooms). The exact inclusions will vary from policy to policy. So, YOU must read through the coverage details before choosing body corporate insurance. When YOU connect with us with YOUR body corporate insurance requirements, we will understand YOUR unique requirements and help YOU choose a policy that best accommodates YOUR needs and expectations.
Is body corporate insurance mandatory?
A body corporate insurance is required by law for all strata-titled properties across Australia. The level of coverage needed might vary between each state or territory and the unique nature of YOUR property. The body corporate or owners’ corporation is responsible for arranging and maintaining body corporate insurance for the entire building and common property. Still, the premiums are usually funded through contributions collected from property owners. So, YOU must clarify the insurance status before purchasing a unit in a strata property. To know more about regulations regarding body corporate insurance, get in touch with us today.