Frequently Asked Questions

What is strata insurance? 

When you own a home that shares common property, you’ll want both your property and the shared property to be covered. Strata Insurance covers residential buildings within a complex and common areas such as garages, sealed driveways, and swimming pools in the event of loss or damage. Generally, events like theft of common area contents, repairs to damaged property managed by the owner's corporation and the cost of recovery if disaster strikes are also included in strata insurance. It is also compulsory for strata insurance in all parts of Australia to provide liability cover in the event that people are injured on common property. 

 

What should I read to understand the features, benefits, and risks of this insurance? 

Our Financial Services Guide (FSG) is designed to help you decide whether to use our services. Our Product Disclosure Statements (PDS) contain policy-specific information to help you make an informed choice about whether or not to use our services. Furthermore, Target Market Determinations have been prepared to assist to understand who a product is intended for and any conditions around how each product can be distributed to customers.

Can I make changes to my insurance policy? 

Yes, you may be able to make changes to your insurance policy, such as increasing or decreasing your building sum insured, or voluntarily raising or lowering your excess. However, any changes to your policy will be subject to approval by CHU and may result in changes to your premium. Please thoroughly review your quote or renewal invitation prior to acceptance, as we may not be able to make some modifications including changes to the excess, or any imposed conditions past the inception date of the policy. Feel free to contact us to discuss any changes you wish to make. 

Can I split the payment amongst the other owners? 

Yes, although CHU can only provide one tax invoice and are unable to split this premium, we are happy to receive part payments from each owner directly. It is the responsibility of the main contact to distribute the invoice to the other owners and organise for payment to be made. Please ensure that the correct reference number as listed on the invoice is used, so that all payments are allocated correctly. 

What happens if I cannot answer some of the questions in the quote online or do not know some details? 

Contact our team, we may be able to help. 

How do I lodge a claim? 

You can lodge a claim online at https://claims.chu.com.au/ or by calling CHU on 1300 289 248 and selecting option 2. 

How long does it take to process a claim? 

Generally, work on claims starts within a few hours after receiving a claim. Claims processing timeframes can vary significantly due to complexity of claim and availability of trades. We have a duty to adhere to the General Insurance Code of Practice and endeavour to keep claimants updated every 20 business days. 

Is there 24 hours claims assistance? 

Yes. If you require urgent assistance outside of business hours, please call 1800 022 444. Our After-Hours Emergency Hotline can put you in touch with specialist repairers who can provide on-the-spot advice and or attend a property after hours. 

What are the requirements for making a claim? 

Generally, you will need to provide details of the incident that led to the claim, as well as any supporting documentation, such as photos or receipts. You may also need to provide evidence of your ownership or occupancy of the property. 

What is CHU Contents Insurance and do I need it?

CHU Contents Insurance is insurance cover for household and personal possessions such as clothing, jewellery, furniture, TV, computers, internal carpets, blinds and electrical appliances belonging to yourself and your family members. It is important as it covers the financial cost of repairing or replacing your household and personal possessions in the event of loss or damage.

Do I need Contents Insurance when my building has Strata Insurance?

Yes, Residential Strata Insurance only provides general insurance cover for the building, common area contents and shared property. The cover provided by the Strata Building policy ends when you cross the threshold of your individual property. A separate Contents Insurance policy is required to protect your personal possessions.

What is a Strata property?

A strata scheme is a building or collection of buildings that has been divided into ‘lots’ and common property. Lots are individual units, flats, apartments, townhouses, villas or duplexes. Common Property is the shared items in scheme such as common stairwells, driveways, visitor parking, roofs, gardens, lifts, gyms, pool etc. Strata living can provide a friendly community-style environment but differs from living in a freestanding house.

What is Contents Insurance Premier Coverage? 

In addition to our standard inclusions, under premier cover you will cover for Accidental loss or damage to your items, higher limits of cover for high risk items, cover for your items anywhere in Australia and New Zealand as well as Worldwide cover for your items for up to 90 consecutive days. (exclusions may apply for high risk items, please contact us to ensure portable cover is available for your specified items)  

Do I need to specify an individual item? 

If an Item falls into our high-risk category, we will pay no more than the limit set out in your policy schedule unless you otherwise specify the item. Any other personal possessions will be automatically covered up to your contents sum provided, without any need to specify the item. Please review our Contents PDS for a list of our high risk categories and their limits, or call our customer service team for further information. Click on the chat bubble at the bottom right of your screen to send us a Live Chat.

I am moving to another strata property – can I alter my insured address? 

Please contact our team to let us know and we can change details or organise a new quote and cancel your current policy. 

Can I cancel my Contents Insurance at any time? 

Yes, a refund may be available. We can also assist if you are changing this from a Content to a Landlord policy, if you are now getting tenants to occupy the residence. Just let our team know and we can help. Click on the chat bubble at the bottom right of your screen to send us a Live Chat.

 I have a non-strata property. Can I take out a Contents policy at this address?  

No, we currently only provide cover for strata titled properties. 

How much contents insurance do I need?

The amount of contents insurance you need depends on the total value of your personal possessions at their current replacement cost. It's important to ensure that your policy covers the full value so that you can replace all of your belongings in case of a total loss. Regularly updating your inventory and valuation helps maintain adequate coverage.

How do I determine the value of my possessions for contents insurance?

To determine the value of your possessions for contents insurance, create a detailed inventory of all your belongings, including descriptions, purchase dates, and costs. For more accurate valuations, consider getting appraisals for high-value items like jewelry, art, or collectibles. Update this inventory regularly and adjust your insurance coverage as necessary.

What exclusions should I be aware of in your contents insurance policy?

See page 12 and 13 of our contents PDS to ensure your contents items are covered. High-risk items may need to be specified in order to be adequately covered.

Does CHU’s contents insurance cover theft outside of my home?

If you take out our premier cover, your contents items are covered anywhere in Australia or New Zealand, as well as up to 90 consecutive days worldwide.

Is contents insurance mandatory for renters?

Contents insurance is typically not mandatory for renters, but it is highly recommended to protect your belongings in case of unforeseen events. Landlords typically have insurance for the physical structure of the property, but that coverage does not extend to tenants' personal possessions.

Do I need Commercial or Residential Strata Insurance? 

Like our Residential Strata Insurance Plan, our Commercial Strata Insurance plan covers common areas including driveways, lifts and pools in the event of damage to or destruction of the building. This policy will also provide liability cover in the event of personal injury in connection with the insured property and is mandatory for commercial strata title properties across Australia. If 20% or more of your strata property is used for commercial purposes, you will need a Commercial Strata Insurance Plan.  

How do I measure whether my strata is more than 20% commercial?

This can be calculated using the building’s floor plans (also known as strata plans). If you aren’t sure, our customer service team can assist. 

Will I be covered for any type of commercial tenancy? 

To provide a commercial strata insurance quote, we require a tenancy listing to be provided to ensure you are adequately covered.  If there are any changes to commercial occupancies, we will need to be updated to make sure you are continued to be properly covered. There are a few types of occupancies currently outside of our underwriting guidelines – we will let you know if we are not able to offer cover. Importantly, a commercial strata policy is a building owners’ policy only and is not intended to provide coverage for business operations conducted onsite. Please refer to our Target Market Determination to assess whether this policy is right for you.

What strata insurance covers the property if I have residential and commercial tenants?

Our Commercial Strata insurance policy is designed for mixed-use buildings offering cover for both residential and commercial tenants. It typically includes protection for the building structure, common areas, and liability, ensuring that all aspects of the property are safeguarded under a single policy.

What common areas are typically covered under commercial strata insurance?

Commercial strata insurance generally covers all shared spaces such as lobbies, elevators, parking garages, gardens, gyms, and roofs. It also extends to communal facilities specific to commercial properties like shared conference rooms and business centers.

What is not covered by our commercial strata insurance policies? 

• Items not permanently attached including temporary flooring, carpets, blinds and curtains, and appliances.
• Personal possessions and other contents items
• Non-ducted air-conditioning units
• The individual occupancies business insurances

(see Product Disclosure Statement (PDS) for full list of exclusions)

• Commercial Strata insurance doesn’t cover for tenant related loss or damage inside the property. If you are an investor in a Mixed-use strata, we offer landlord insurance to protect your unit against damage caused by tenants.  

How does commercial strata insurance handle damage from natural disasters or emergencies?

Commercial strata insurance provides coverage for damage caused by natural disasters such as floods, fires, earthquakes, and storms, depending on the specific terms of the policy. It helps cover the costs of repairs and replacements to damaged property and common areas, as well as temporary relocation expenses if necessary. Learn more in our Product Disclosure Statement (PDS).

What is landlord insurance and do I need it?

It’s insurance cover for strata property owners who are renting out a unit/apartment to tenants. It is important as it provides cover for accidental loss or damage to contents in your unit from events such as fire, flood or storms. It covers items such as carpets, light fixtures, built-in wardrobes and kitchen cupboards as well as loss of rent if the unit is unfit to be occupied. Additionally, it covers you and your investment property for malicious damage to contents/buildings caused by tenants and/or their guests.

Do I need landlord insurance when my building has Strata Building Insurance?

Yes, residential strata insurance only provides general ,insurance cover for the building, common/shared property and common/shared contents. The cover provided by the Strata Building policy ends when you cross the threshold of your individual property. Landlords insurance protects you for tenant related loss/damage inside your property.

What is a strata property?

Lots are individual units, flats, apartments, townhouses, villas or duplexes. Common Property is the shared items in scheme such as common stairwells, driveways, visitor parking, roofs, gardens, lifts, gyms, pool etc. Strata living can provide a friendly community-style environment but differs from living in a freestanding house.

What does Landlord insurance cover me for? 

Landlord insurance provides cover for strata property owners who are renting out a unit/apartment/flat to tenants. It protects you and your investment property from any damage to contents from events such as fire, flood or storms. It covers items such as carpets, light fixtures, built-in wardrobes and kitchen cupboards as well as loss of rent if the unit is unfit to be occupied. Additionally, it covers you and your investment property from malicious tenants who might vandalise your property or leave without paying the rent. 

Do I need to advise of any of rental amount changes? 

Yes, please advise us of any changes to weekly rent to ensure that we’re maintaining an acceptable level of coverage for you. 

What is an Excess Waiver? 

If you have a CHU Residential Strata policy with us for the same address on this Landlord policy and damage occurred to both your Strata cover and Landlord cover due to the same cause and on the same date, only one excess is due for payment and not both excesses for both policies. 

Do you cover AirBnB properties? 

Yes, we do, noting that only confirmed bookings will be covered in the event you need to make a claim for loss of rent. Other types of short-term holiday letting may also be covered, please contact us to ensure your specific requirements are met.  

Can I cancel my Landlords Insurance at any time? 

Yes, a refund may be available. We can also assist if you are changing this from a Landlord to a Contents Insurance policy, as you are now moving in. Just let our team know and we can help. Click on the chat bubble at the bottom right of your screen to send us a Live Chat.

 I have a non-strata property. Can I take out a Landlords policy at this address?  

No, we only can only provide cover for strata titled properties. 

Is landlord insurance compulsory in Australia?

Landlord insurance is not mandatory in Australia, but it is highly recommended to protect your investment property and safeguard against unexpected events as strata insurance doesn’t cover personal belongings when you are renting your unit in a strata title. It can provide peace of mind and financial security in case of damage, loss of rental income, or liability claims.

Do I need landlord insurance if I have building insurance?

Your residential strata insurance covers the structure of the property itself, landlord insurance provides additional protection specifically for landlords, including coverage for rental income loss, tenant-related damage, legal expenses, and liability claims. Having both building insurance and landlord insurance can offer comprehensive coverage for your investment property properties.

Can landlord insurance cover loss of rental income?

Yes, cover can be added for rental loss if the lot becomes unfit to be occupied due to damage, if the tenant departs without notice or if the tenant defaults on their rent.

What is not included in your landlord insurance policy?

• Damage to the building, unless caused by malicious acts, vandalism or theft to the individual lot where the strata does not cover it.
• Damage where the lot has not been maintained to a reasonable standard
• Contents items that are not owned by the lot owner and available for tenant use

(see PDS for full list of exclusions)

Is landlord insurance tax deductible?

Yes, landlord insurance is typically tax deductible. As a landlord, you can generally deduct the cost of landlord insurance as an expense against your rental income when filing your taxes. This deduction can include premiums you pay for property damage, liability insurance, and loss of rental income coverage. It's advisable to keep detailed records of all insurance expenses and consult with a tax professional to ensure you're claiming all possible deductions appropriately for your specific circumstances. Your policy schedule will contain all necessary financial information necessary for tax purposes. If you need a copy resent to you, please click the chat bubble at the bottom right of your screen to send us a Live Chat. 

How is strata insurance different from home insurance?

Strata insurance covers common property and shared areas in strata-titled properties, while home insurance covers individual units or houses. Strata insurance also typically includes liability protection for the body corporate and its members.

Do I need to get additional insurance if I already have strata insurance?

It is advisable to check what is covered under your strata insurance policy and determine if you require any additional coverage for personal belongings, improvements to your unit, or additional liability protection. We offer contents insurance if you live in an apartment, unit, villa or townhouse to protect your personal belongings, as residential strata insurance only protects the building, not your personal property or possessions.

Is Residential Strata insurance mandatory? 

Generally speaking, strata Insurance is a legal requirement and normally the responsibility of the strata title owners, with the cost split between the individual unit owners. If you live in one of the following, chances are you need Strata Insurance. 

• Townhouse 
• Unit/Flat 
• Apartment 
• Duplex 

What is the excess on my policy?

An excess is an amount a policy holder must pay if they proceed with making an insurance claim on their insurance policy. The standard excess on our residential policies varies by total insurable value:  

• For policies with a building sum insured < $2M – $1,000 excess applies. 
• For policies with a building sum insured > $2M – $2,000 excess applies. 
• For policies with a building sum insured > $50M – $5,000 excess applies. 

You may choose to voluntarily increase or decrease this excess. This may result in changes to your premium. 

There may be additional excesses imposed depending on the individual situation, such as claims performance, the presence of defects or other issues. Please check your quote thoroughly for more information. 

Are there any exclusions to the Residential Strata Insurance Plan?

Yes. General exclusions are outlined in the General Exclusions section of the Product Disclosure Statement and Policy Wording. There are also policy specific exclusions to the Residential Strata Insurance Plan located within each policy section.

Sometimes, we may place additional exclusions on your policy in specific situations; please review your policy carefully and contact us for information on any other specific exclusions. 

Why do I need Loss of Rent and Temporary Accommodation when my building is owner occupied? 

The standard loss of rent and temporary accommodation sum insured limit that is offered under Policy 1 is 15% of the building sum insured value. This benefit covers owners who lease out their lot but also lot owners who reside in their unit - if the property becomes uninhabitable or unfit for purpose due to a claimable event, CHU will cover the reasonable costs for the residing owner to live in accommodation, or the rent that the owner will lose as a result of the tenants vacating.  

What is Fidelity Guarantee? 

Fidelity Guarantee is cover for the Body Corporate in the event your Funds are misappropriated during the Period of Insurance. Whilst only required by legislation in South Australia, Fidelity Guarantee forms part of CHU's specialised cover and is standard on all residential strata policies. 

What is Common Area Contents? 

A range of items that are owned or the legal responsibility of the Owners Corporation and are located in or adjacent to the common areas of the strata property. These items include furniture, furnishings, household goods, light fittings, internal blinds, curtains, fire extinguishers, built-in or freestanding appliances, carpets, floor rugs, and various other items. For example:  carpet in shared staircase, garden furniture in a communal backyard.  Items such as driveways, letterboxes, lighting and any other permanent fixtures or structures are covered by the building sum insured.

Can I cancel my policy if I’ve sold my unit? 

We do not cancel strata policies mid-term due to sale. Strata insurance policies in Australia are not held by the owners of a unit, but rather by the strata scheme as an entity. If an owner has sold, and no longer forms part of the Owners Corporation, they are no longer party to a strata policy. In most cases, pro-rated insurance payments are considered as part of a settlement process between a lot owner and conveyancer.

What is Lot Owners Fixtures and Fittings? 

Lot owner’s fixtures and fittings refers to any fixture or structural improvement installed by a lot owner for their exclusive use and which is permanently attached to or fixed to the building so as to become legally part of it. This includes any improvements made to an existing fixture or structures. 

How does Office Bearers' Legal Liability protect lot owners? 

Office Bearers' Legal Liability protects lot owners by providing coverage for legal expenses that may arise from claims made against the Office Bearers of the strata-titled property. This includes claims for wrongful acts, errors, or omissions committed by the office bearers in the course of their duties. The specific coverage details are outlined in the Policy Wording.

What is the minimum amount of Liability needed for my state and is there any other covers that I must have for my state for Residential Strata? 

Liability to others (sometimes referred to as Public Liability) is a compulsory requirement under legislation. The minimum limit of liability varies between states and territories as follows:  

WA $5,000,000 in a survey strata or non-single tier strata scheme (e.g. A multi-storey block of flats) $10,000,000 in a Single Tier Strata Scheme: 

TAS - minimum of $5,000,0000 

VIC - minimum of $20,000,000 

SA - minimum of $10,000,000, as well as mandatory cover for fidelity guarantee  

QLD -  minimum of $10,000,000 

NT - minimum of $10,000,000 

NSW - minimum of $20,000,000, as well as mandatory cover for voluntary workers 

ACT - minimum of $10,000,000 

What is Cladding? 

Cladding is a broad term referring to material used to provide a decorative finish on the outside of a building. Common cladding materials may include timber, weatherboard, fibre cement, vinyl and composite materials such as Aluminium (ACP) or Expanded polystyrene (EPS).  and metal. 

Where ACP or EPS cladding materials have been used, CHU may require further information, such as product name, percentage of coverage and confirmation from a qualified professional that the cladding complies with the National Building Code.  

How do I know how much to insure my building or strata for? 

Obtaining a current strata building valuation is the best way to know how much to insure for. The valuation needs to accommodate for the full reinstatement of your property so it is not worse or less extensive than when new, along with including allowances for additional costs such as removal of debris, professional fees and cost escalation.  

Recent escalations in building prices mean that if your building has not been valued in the past 12 months, there is a likelihood it is underinsured, and in some states and territories, there is a requirement to obtain a valuation at least once every five years. Without being otherwise directed, CHU will automatically index the sum insured at each renewal.  

I have taken out Residential Strata Insurance - do I require any other insurance? 

Although not legislated, we recommend Landlords insurance cover for those leasing their strata unit, to continue to receive rent if your tenant suddenly departs or damages your property where it is unfit to be occupied, and to cover items such as carpets, blinds and appliances. For those occupying their own strata unit, we recommend Contents insurance cover for your fixed and portable possessions to protect from theft, accidental or malicious damage, water damage, fire and storms.