Landlord Insurance

• Common claim type – loss of rent

  Your neighbour’s sewerage pipe blocks causing your toilet to overflow. You have widespread sewerage and water damage to your property. Your tenant leaves as the property is uninhabitable.

  The damage takes 4 weeks to fix, your CHU Landlord Insurance for Strata policy provides new for old replacement for affected items and loss of rentable value while your property is unfit to be occupied.
• Common claim type – legal liability

  Your tenant slips on a wet tile inside your apartment and falls injuring themselves. Your tenant seeks damages from you for medical treatment and loss of earnings. Your CHU Landlord Insurance for Strata policy covers you for the costs of defending the claim and also for any legal liability

Landlord Insurance FAQs:

• 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 and fittings 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 and to strata fixtures not covered by the Body Corporate.
• What is a strata property?

  Lots are individual units, flats, apartments, townhouses, villas or duplexes on land that has been sub-divided into a strata title . Common Property is the shared spaces in the 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 fittings and fixtures 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 CHU insures the residential strata scheme at the same address where your lot is situated and damage occurred that is claimable to both your Strata cover and Landlord cover due to the same cause and on the same date, only the excess on the residential strata policy is due for payment.
• 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 Landlord 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 Landlord 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.
• Does Landlord Insurance cover loss of rental income?

  Yes it covers 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 physical building or any other property ordinarily covered under a strata insurance policy
  • 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 the same as Home and Contents Insurance?

  No, Landlord Insurance is not the same as Home and Contents Insurance. Landlord Insurance is designed specifically for property owners who rent out their properties, covering risks like loss of rental income, tenant damage, and liability. Home and contents insurance, on the other hand, is for owner-occupiers and covers the building structure and personal belongings against events like theft, fire, and natural disasters.