Insurance on unit/apartment with body corp

I am potentially looking at purchasing a unit/apartment as an IP, this particular property has a body corp. I've been told that body corp generally incorporates some sort of insurance that covers the building and that I won't require "full" insurance per your average suburban house. I presume that whilst i'll be paying the body corp fees there will be some sort of saving insurance wise vs a house.

Is anyone able shed any light?

Thanks,
:)

Insurance on unit/apartment with body corp