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Each body corporate must have an insurance policy. The Body Corporate and Community Management Act (QLD) 1997, The Strata Schemes Management Act 1996 in NSW and the Owners Corporations Act 2006 in Victoria stipulates the minimum type of cover required in these particular states.
There is often confusion as to what the body corporate must insure, and what the lot owners must insure. The body corporate insurance obligations extend further than an obligation to insure the common property.
The body corporate is required to insure one or more buildings in the scheme for full replacement value. A valuation of all buildings must be obtained every 5 years or earlier from an independent valuer stating the full replacement value of the Scheme.
