Body Corporate Insurance Glossary
Unit Title
A unit title is a form of property ownership in New Zealand where you own a defined unit (e.g. an apartment) plus a share of the common property, governed by the Unit Titles Act 2010. It is the most common ownership structure for apartments and townhouse complexes.
Unit title differs from cross-lease and freehold. Each owner holds a registered title to their unit and a share — proportional to the unit's "ownership interest" or "utility interest" — of the common property. Decisions about the building, including insurance, are made collectively through the body corporate.
From an insurance perspective, the unit title structure means the body corporate carries one combined building policy rather than each owner insuring their unit separately.
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