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:
- 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.
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.