Fill the gap

A gap often occurs between insurance carried by the body corporate and insurance carried by each homeowner, leaving the body corporate and the owner out of pocket when disaster strikes. Often because different insurance companies define coverages differently between the common areas and building exteriors (insured by the body corporate) as opposed to interiors/units (insured by the individual owners).

A way around this is for the body corporate to use an "Insurance Areas of Responsibility" schedule that clearly identifies who is responsible for what insurance. Body corporates should regularly look at ways to cut their insurance premiums such as
+ Shopping around
+ Reviewing your cover
+ Increasing the excess

Full article on iafrica.com