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.
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.
Yes, we do provide loss of rent for casual lets (no legal requirement for a lease agreement and rental period is less than 3 months), noting that only confirmed bookings will be covered in the event you need to make a claim for loss of rent. Rent default however is not available for casual lets. Please contact us to ensure your specific requirements are met.
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.
Yes, please advise us of any changes to weekly rent to ensure that we’re maintaining an acceptable level of coverage for you.
Landlord Insurance is designed for property investors who rent out strata units, apartments, or homes within a community association to tenants. It protects you and your investment property from any damage to contents from insured 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 property 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.
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.