Body Corporate Insurance Glossary
Excess
The excess is the amount the body corporate must pay before the insurer contributes to a claim. Body corporate policies typically have multiple excesses — a standard excess for general claims, plus separate (often much larger) excesses for natural disaster, water damage, and weathertightness claims.
Common excess structures on NZ body corp policies in 2026:
- Standard excess: NZ$1,000–$5,000 per claim
- Natural disaster excess: often a percentage of sum insured (commonly 2.5–5%) — can be NZ$50K+ on a NZ$2M building
- Water damage excess: NZ$2,500–$10,000, sometimes higher in apartment blocks with known leak history
- Weathertightness excess: if cover is offered at all, often NZ$50K+ or limited to a specific sub-limit
The structure of excesses is often a bigger driver of total cost-of-risk than the headline premium. Always compare excesses across quotes, not just the premium number.
See also
Need a quote?
Get a body corporate insurance quote in 60 seconds. Quotes are arranged through First Commercial Insurance Brokers Ltd (FSP748591).
Get a Quote