Insuring your apartment, inside and out.

If you own an apartment, unit or townhouse the structure may be insured under an Owners Corporation policy. However, did you know that the Fixtures and Fittings such as carpet, curtains, floating floors, internal blinds and light fittings, as well as Liability insurance in respect of these items, are not usually insured under this type of policy.

Generally, the cost is less than $500 per annum to insure up to $15,000 fixtures and $10,000,000 Liability which is very affordable.

Sometimes if you own a unit or townhouse, you and your fellow property owners decide to have separate policies instead of having an Owners Corporation insurance covering the buildings, common contents and Public Liability.  You will need to be sure that the other unit owners do have an up to date cover.  What if a unit were to burn down and there was no insurance on that one?  It would certainly devalue the other units on the block.  This event has actually occurred and was very stressful for the remaining unit owners.

The other issue is the common area Public Liability for driveways which also covers underground services.  For instance, if an incident for which you were liable, were to occur in a common driveway, your home insurers may not pay the claim which also includes expenses defending the claim.

If you have a Body Corporate manager, they may set up a policy for you however they do not necessarily have the same experience as a qualified insurance broker.  They may not have access to the various insurers who write Owners Corporation insurance, only dealing with one or two instead.

It is more cost effective to have an Owner’s Corporation insurance policy, to safeguard yourself financially and to ensure owning an apartment, townhouse or unit is an enjoyable and cost-effective experience.


The above information is not comprehensive. It provides only a summary of the subject matter covered and is not tailored specifically to your business or private situation. You should make you own assessment of this information and rely on it wholly at your own risk.