There’s no place like home! It is where you can wear your Mickey Mouse slippers with confidence and you do not need to ask for the WIFI password. Home also tends to fill your weekend “to do” list with important maintenance tasks. Regular maintenance does not only keep your property in tip-top shape but is also a requirement from your Insurer.
Home maintenance becomes a more complicated topic when you live in a sectional title complex and there is a body corporate involved. How do you know who’s responsible for the maintenance and upkeep of your property?
Your body corporate will generally be responsible to have insurance in place for the physical structure of your home and for the maintenance thereof. This is one of the reasons why you need to pay levies. In some cases the body corporate might be responsible for insuring the structure itself but with the exclusion of certain items.
The most frequently excluded item is your geyser. Consequential damage caused to your building structure by a faulty geyser might be covered, but not the geyser itself. These exclusions are usually detailed in the fine print of your agreement with your body corporate…the fine print very few people take the time to read. It can become technical and very confusing. It is with technical details such as these that the advice from an experienced and qualified broker is invaluable in making sure that you have the correct insurance cover in place.
It is also important to remember that the insurance of your household contents remains your responsibility. Although consequential damage from a faulty geyser to your building structure might be the responsibility of your body corporate, consequential damage to your contents will not be covered in most cases.
Make sure you stay informed and up to date with the insurance cover and maintenance responsibilities of your body corporate and speak to an APBCO broker to assist you with the right cover at a competitive premium for the rest. Enjoy your home!