An owners corporation is required to take out insurance that covers all buildings, common property and public liability. Nationwide arranges the insurance by obtaining quotes.

The level of cover is discussed each year at the Annual Meeting where owners may decide to increase the insured amount by a nominal amount or have an insurance valuation conducted to determine the new insured amount.

It should be noted that the owners corporation insurance does not cover individual owners contents. Owners should arrange their own cover relating to content and landlords insurance whether as a resident or landlord of a tenanted property.