Landlords insurance is a specific type of cover for property owners who rent out their property, such as a unit or apartment, to tenants. It works in tandem with your owners corporation or body corporate’s residential strata building insurance, which covers the shared parts of the building and common area and contents of the property in the strata scheme.
It can be divided into four key areas:
- Loss of rent, which could be because of tenants defaulting on their payments or your strata property becoming temporarily uninhabitable due to an insured event such as fire or flood.
- Cover for accidental loss or damage to items such as carpets, light fittings, curtains, blinds and washing machines.
- Theft, burglary, vandalism or malicious damage to your property caused by tenants or their guests.
- Liability insurance covering death, personal injury or damage which occurs in connection with your insured property/lot. Plus legal expenses payable in defending a claim.
What does CHU Landlords Insurance for Strata cover?
Landlords insurance from CHU covers events and items directly related to your individual lot, unit or apartment including:
- Loss of rent if your tenant defaults or unexpectedly leaves
- Loss of rent if your property is unfit to be occupied
- Theft, burglary or malicious damage by tenants or their guests
- Legal liability covering you for the death or injury of someone in connection with your property
So if I have building cover, is landlord insurance different?
The simple answer is yes. Building cover only covers the actual building plus any shared amenities such as common spaces and common facilities, but not the things within your apartment or any damage, loss of rent or liability that could arise.
Is it worth it?
Remembering that your strata corporation’s building insurance does not cover items within your apartment, or any loss of rent or liability, we recommend CHU’s Landlords Insurance for Strata if you want to protect your personal assets, your investment and your hip pocket.
How much does landlord insurance cost?
Every property is different, so the best way to find out how much it would cost to safeguard your valuable strata property, and deliver you peace-of-mind, is to get a personalised, no-obligation quote from CHU.
CHU offers comprehensive insurance at a market leading price simply click on the button and you’re on your way.