CHU Unveils Enhanced Residential Strata Insurance Policy

One of the notable additions to the policy is the optional Lot Owner Contents Insurance. This coverage bridges the gap between traditional strata insurance and individual contents policies by including fixtures and fittings such as home appliances, curtains, blinds, and carpets. This integration allows owners to coordinate claims through a single insurer, streamlining the process and reducing potential delays.

Another significant enhancement is the automatic inclusion of Office Bearers Liability in all policies. This provision offers protection to committee members who may face legal liabilities while performing their duties, acknowledging the complexities and responsibilities inherent in strata management.

To improve clarity and usability, CHU has restructured the policy wording. Building-related covers, including Insured Property, Machinery Breakdown, Catastrophe Cover, and Lot Owners' Fixtures and Fittings, are now consolidated into a single section. This reorganisation enables committees to assess and select coverage options more effectively, tailoring them to their specific needs.

Kimberley Jonsson, CEO of CHU, emphasised the importance of these updates, stating that the enhancements are designed to remove complexity, address coverage gaps, and ensure that strata residents are better protected. By proactively adapting to the evolving landscape of strata living, CHU aims to support the development of stronger, more resilient communities across Australia.