Your apartment needs insurance!

Each year, tenants and landlords across WA discover how insurance works in apartments, when it’s all too late.

Theft, fire, flooding or other damage can leave you with nothing. Without specific insurance, replacing contents and personal items is likely to run into thousands of dollars that you probably hadn’t budgeted for.

But aren’t I covered by the body corporate’s insurance?

No. It’s a common myth that a body corporate’s building insurance covers personal property if disaster strikes. It does not.

For both tenants and landlords, building insurance stops at the apartment door – almost everything inside your apartment is your responsibility.

It’s for this reason that specialist insurance companies have developed comprehensive policies for the rental market. For example, CHU has specific policies for both landlords and for tenants in strata apartments.

What’s covered?

Basically, all the things that can turn a dream rental into a nightmare. For instance, landlord insurance usually covers the owner’s property such as whitegoods, curtains, carpets etc as well as the cost of repairing any malicious or accidental damage. It can even cover holiday rentals, landlord liability and the loss of rent if a tenant defaults or the apartment becomes unliveable.

Likewise, contents insurance is tailored to tenants, and usually covers their personal items (and even those of their visitors) in the event of fire, storm, malicious damage or theft.

How much does it cost?

That depends on what you’re covering and the type of apartment you have, CHU provides free online quotes for apartment contents and for WA landlords.

No matter what, the cost of annual cover is a lot less than the cost of replacing everything you own, if disaster strikes.

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