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Build to Rent

Residential Insurance

For residential apartment buildings not subject to strata sub-division.

What is build to rent

Build-to-rent is a residential property development in which all of the units/apartments are retained by an owner, developer, managed investment trust or another entity. The units are leased directly to tenants and cannot be sold individually. Any sale of the property would encompass all units in the building. The property is not registered as a strata title and has no body corporate/owners corporation/strata corporation and each unit is leased out under an individual residential tenancy agreement.

Who this product is designed for

This product is designed for a build to rent residential property in which all units are retained by a developer, owner(s), a managed investment trust or another entity that then leases individual units directly to tenants.

Who it is not designed for

This product is not designed for:

  • Developers that build a residential development and sells the units to individuals to either live in or rent out as an investment
  • Strata title properties, where individuals have ownership over their own lot such as an apartment or townhouse as well as shared ownership over the common property
  • Tenants, landlords or people that live in buildings that are required to be insured by strata body corporates or similar entities
Cover for the cost of any accidental damage and loss or repairs to the property (buildings and contents). Contents includes items such as furniture, furnishings, light fittings, internal blinds, curtains, dishwashers, washing machines and dryers, carpets and floor rugs. Insured Property also includes additional and special benefits. Please refer to the PDS for full details of these benefits. Those with sub-limits have been detailed below.
Emergency and temporary protection costs No more than $7,500
Rent - Costs incurred to abate rent during period of disruption Not exceeding a maximum of three (3) months
Loss of rent - Disease, murder and suicide Not exceeding a period of thirty (30) days
Loss of rent - Failure of supply services Not exceeding a period of thirty (30) days
Loss of rent - Cost of reletting Alterations/additions No more than $1,500 per Unit Up to $250,000
Electricity, gas, water and similar charges - unauthorised use No more than $2,000
Fusion of Motors
No more than $5,000
Environmental improvements No more than $20,000
Exploratory costs, Replacement of defective parts No more than $1,000 for repairing or replacing the defective part or parts of such tanks, apparatus or pipes;
No more than $1,000 for rectifying contamination
Damage or pollution Damage to land caused by the escape of liquid
Cover for compensation for personal injuries or property damage resulting from an event in connection with the ownership of insured property or communal areas. Liability to others extends to communal areas as well as property owners liability for apartments.
Cover for damage, repairs or replacement to machinery and plant, including but not limited to lifts, pumps, elevators and more.
Special benefit sub-limits What we'll pay
Loss of Rent Up to a maximum of twenty percent (20%) of the amount shown in the Schedule and not exceeding a maximum of thirty (30) days
Cover for increased building expenses due to a catastrophe as classified by the Insurance Council of Australia.
Special benefit sub-limits What we'll pay
Rent Fifteen percent (15%)
Escalation in costs Five percent (5%)
Removal, storage and cost of evacuation Five percent (5%)

What is not covered

The policy does not cover:

  • the insured's own contents where they occupy/live in a unit
  • a tenant's contents and any other personal property
  • temporary wall, floor and ceiling coverings within a unit.


The following provides a summary of the main exclusions to cover. For full details of the exclusions that apply, please read the Policy in full.

  • any Act of Terrorism where such act is directly or indirectly caused by, contributed to, resulting from, or arising out of or in connection with biological, chemical, or nuclear weapons, pollution or contamination;
  • the actual or alleged use or presence of asbestos;
  • ionising radiation from, or contamination by radioactivity from, any nuclear fuel or nuclear waste from the combustion of nuclear fuel.

Important information you should understand

In addition to the covers summarised above, there are a number of terms, conditions, limits and exclusions contained in the Policy that can affect how or whether a claim is paid under this Policy. You need to read the Schedule and the Policy Wording for full details of the available cover, terms, definitions, conditions, exclusions and limits that apply to make sure it meets Your expectations.

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