WHAT ABOUT INSURANCE?
The Sectional Titles Act requires the body corporate to ensure that the buildings are insured to the value of their replacement cost. The insurance must cover all
|the sections and all improvements to the common property. The premiums for this insurance form part of the monthly levy. If you feel that your unit is worth more
than the amount for which it is insured, you are at liberty to take out an extra policy to cover the perceived shortfall. Please note that the body corporate insurance only covers damage and destruction of the buildings.
It does not cover the contents of your section. You must make sure that your furniture and personal belongings are separately and adequately insured by means of a suitable policy.