What does body corporate building insurance cover?

Body corporate building insurance covers the repair or replacement of the building and common property structures following an insured event — such as fire, storm, flood, or accidental damage. It typically covers: - External walls, roof, and floor slabs - Common area fitout (carpets, paint, fixtures in common areas) - Fixed building infrastructure (lifts, pools, mechanical plant) - Car park structures It does not cover: - The personal contents of individual lots - Improvements made by individual owners above the original building standard - Public liability for incidents within individual lots - Loss of rent or temporary accommodation costs (unless specifically included) The insured value should reflect the full cost of rebuilding the scheme, not the market value of the property. This article is general information only and not legal advice.