Protection for landlords of Residential Strata units

As a unit owner it is in your best interest to ensure your valuable investment is covered for items that are not covered by your Strata insurance.

Landlord’s Unit Contents

Covers the landlords of residential units against the following incidents: –

  • Malicious Damage by tenants
  • Accidental Damage
  • Landlord Liability ($30,000,000 limit)
  • Theft by tenants
  • Rent Default
  • Loss of Rent
  • Basic contents items not covered under the building insurance (such as carpet, curtains, light fittings, air conditioners, etc).
  • Contents for the exclusive use by the tenant

Please note there are three options available (see below)

Option A – Long Term Rental


Contents

New for old replacement
Accidental Loss or Damage
Malicious Damage

Building Damage
Walls, windows, floors, ceilings and fixtures are covered for accidental damage including malicious damage, if such damage is not covered by the Body Corporate’s policy or the home insurance policy.

Loss of Rent
Building unfit to be occupied – 52 Weeks
Departure by Tenant – 6 Weeks
Default by Tenant – 15 Weeks

Legal Expenses
Legal Expenses in Connection with a claim.
Cost of property managers time $500
Cost of defending a breach of the tenancy agreement $500

Liability to Others
$30,000,000- Should you become legally responsible to pay compensation for personal injury or property damage

Government Audit Costs
$5000 – Professional costs incurred in connection with an ATO investigation.

Excess $500 – waived if your building is damaged
and also insured with CHU

Option B – Short Term/Holiday Rental

Contents
New for old replacement
Accidental Loss or Damage
Malicious Damage

Building Damage
Walls, windows, floors, ceilings and fixtures are covered for accidental damage including malicious damage, if such damage is not covered by the Body Corporate’s policy or the home insurance policy.

Loss of Rent
Building unfit to be occupied – 52 Weeks

Liability to Others
$30,000,000- Should you become legally responsible to pay compensation for personal injury or property damage

Government Audit Costs
$5000 – Professional costs incurred in connection with an ATO investigation.

Excess $500 – waived if your building is damaged
and also insured with CHU

If you would like to know further details about the cover available, please contact your location.

Prior to obtaining a quotation, please note the following: –

Your Duty of Disclosure

Before you enter into a Contract of general insurance with an Insurer, you have a duty under the Insurance Contracts Act 1984 to disclose to the Insurer every matter that you know, or could reasonably expect to know, is relevant to the Insurer’s decision whether to accept the risk of Insurance and if so, on what terms. You have the same duty to disclose those matters to the Insurer before you renew, extend, vary or reinstate a Contract of general insurance. Your duty however does not require disclosure of matter.

  • that diminishes the risk to be undertaken by the Insurer- that is common knowledge
  • that your Insurer knows or, in the ordinary course of business, ought to know
  • as to which the compliance with your duty is waived by the Insurer

Non-Disclosure

If you fail to comply with your duty of disclosure, the Insurer may be entitled to reduce the liability under the Contract in respect of a claim or may cancel the Contract. If your non-disclosure is fraudulent, the Insurer may also have the option of avoiding the Contract from its beginning.

Click here to download a copy of the Landlords Policy document and PDS.

Click here to download a copy of the Landlords Insurance Strata Flyer.

Click here for a Landlord’s quote or contact your local BCB office for advice and further information.