Community property varies but typically includes assets such as shared roads and pathways, gardens, fences, utility infrastructure and facilities such as swimming pools or clubhouses that are owned by the association.
No, this is an optional cover that can be added to protect committee members against claims arising from decisions made while performing their duties.
No, individual lot owners will need separate Home & Contents or Landlord Insurance to cover their private property and belongings.
This policy is designed for community associations and the managing committees responsible for insuring shared property and community areas.
It covers accidental loss or damage to shared community property, legal liability, volunteer worker injury and optional protections like office bearers’ legal liability for the association’s elected committee members.
A community association is a type of land subdivision where there is a shared use and ownership of community property and amenities. Community associations can include a mix of residential homes and commercial properties spread over a large area of land, with insurance responsibilities divided between common areas and individual lot or home owners.
Traditionally, home and contents insurance provides insurance protection for home owners who reside within the premises. Landlord insurance is designed specifically for property owners who rent out their properties.
For strata properties, it covers fixtures and fittings, which is not required by law to insure, as well as risks like loss of rental income, tenant damage, and liability.
For investment homes within a community association, landlords can select buildings cover only, contents cover only or building and contents, as well as having the additional protection to safeguard rent or similar
- 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)
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 (if rent default option has been selected).
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.
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 and community association insurance do not cover personal belongings. Landlord insurance can provide financial security in case of damage, loss of rental income, or liability claims.
CHU Landlord Insurance is designed for property investors who rent out strata units, apartments, or homes within a community association. Please refer to the Target Market Determination for additional information on product suitability.