CHU has launched the first specifically tailored insurance product to capitalise on the development of specifically designed for “build to rent” properties
A property trend, which is popular overseas, has reached Australia and gaining momentum. One of Australia’s leading strata insurance specialists CHU has launched the first insurance product specifically designed for “build to rent” properties.
Individual builders and property developers are retaining 100% ownership of the unit/apartment block development, rather than selling some or all of the units on completion or registering it for strata title. “Build to rent,” as it is known overseas, is popular in major cities in the UK, US, Japan and parts of Europe because they offer a more secure and better rental experience.
It is beginning to grow in Australia. CHU is also seeing a trend towards 100% ownership by an individual or a company that negates the need for registration as a strata scheme under the state-based strata title legislation.
CHU has launched a new product, Build to Rent – Residential Insurance, to provide cover for these properties.
“The product gives brokers new opportunities in the insurance market,” said CHU CEO Kimberley Jonsson.
“There is a gap in the insurance market for these non-registered strata style units, “said Kimberley “The risks seem to fall between the cracks for insurance, as they are neither a registered strata plan nor a residential home building.
“CHU’s new product will give the owners of these properties peace of mind,” she said.
CHU’s Build to Rent insures the property, provides liability insurance, machinery breakdown cover and catastrophe insurance.