CHU Unveils Enhanced Residential Strata Insurance Policy

One of the key enhancements in the new policy is the introduction of Lot Owner Contents Insurance. This optional cover bridges the gap between strata insurance and traditional contents policies, allowing owners to deal with a single insurer for claims involving both common property and certain owner contents. This streamlining aims to minimise disruption and expedite the claims process.

Additionally, Office Bearers Liability is now automatically included in all policies. This inclusion provides protection for committee members who may become legally liable while performing their duties, acknowledging the complex responsibilities they undertake.

CHU has also restructured the policy wording to improve clarity and usability. Building-related covers, such as Insured Property, Machinery Breakdown, Catastrophe Cover, and Lot Owners' Fixtures and Fittings, are now consolidated into one section. This organisation allows committees to consider all related cover options together and select the level of coverage that best suits their needs.

These enhancements demonstrate CHU's proactive approach to addressing the evolving needs of strata communities, ensuring comprehensive protection and support for property owners and committee members alike.