As one of the largest insurance brokers for Body Corporates in New Zealand, we have a second-to-none policy that provides many extra benefits for our clients including temporary accommodation, loss of rents for rented units, landscaping and more.

As “Generation Rent” becomes more of a reality, so will more and more Body Corporates come into play. Multi dwellings, entire blocks, commercial properties - they can all be titled as “Body Corporate”

When it comes to insurance the main two rules are:

• The entire property must be insured under one policy in the name of the Body Corporate – this means that individual owners cannot insure their unit themselves

  and

• The property must be insured for the full replacement value at all times and this will usually mean that insurance valuations are obtained each year to make sure this rule is followed

• There must be an appointed Secretary of the Body Corporate and the Secretary is responsible for arranging the insurance, obtaining valuations and receiving and paying invoices from the Body Corporate bank account

In May of 2022 The Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act became law. The purpose of the Amendment Act is to provide greater protections for people who buy or own unit title properties. Find out more on the law changes below at Government’s Unit Tiles website.

• Learn more about Body Corporates and things to consider before you buy here

• Your responsibilities as an owner can be found here

• Find out what the recent law changes mean for buyers or owner of unit title properties here

To discuss further or for any queries, please email the Apex team or call us on 09 520 9441.

Return to Services