What is build to rent?
Build-to-rent is a residential property development in which all of the units/apartments are retained by an owner, developer, managed investment trust or another entity. The units are leased directly to tenants and cannot be sold individually. Any sale of the property would encompass all units in the building. The property is not registered as a strata title and has no body corporate/owners strata company and each unit is leased out under an individual residential tenancy agreement.
Who this product is designed for?
This product is designed for a build to rent residential property in which all units are retained by a developer, owner(s), a managed investment trust or another entity that then leases individual units directly to tenants.
Who it is not designed for?
This product is not designed for:
- Developers that build a residential development and sells the units to individuals to either live in or rent out as an investment
- Strata title properties, where individuals have ownership over their own lot such as an apartment or townhouse as well as shared ownership over the common property
- Properties where more than 9% of the tenancies are Commercial (i.e. cafe, retail, public gym etc)
- Tenants, landlords or people that live in buildings that are required to be insured by strata body corporates or similar entities
What is covered?
Cover for the cost of any accidental damage and loss or repairs to the property (buildings and contents). Contents includes items such as furniture, furnishings, light fittings, internal blinds, curtains, dishwashers, washing machines and dryers, carpets and floor rugs. Insured Property also includes additional and special benefits. Please refer to the PDS for full details of these benefits. Those with sub-limits have been detailed below.
LIABILITY TO OTHERS
Cover for damage, repairs or replacement to machinery and plant, including but not limited to lifts,
pumps, elevators and more. Please refer to the PDS for full details of these benefits.
Cover for increased building expenses due to a catastrophe as classified by the Insurance Council of Australia. Please refer to the PDS for full details of these benefits.
What is not covered?
The policy does not cover:
- the insured's own contents where they occupy/live in a unit
- a tenant's contents and any other personal property
- temporary wall, floor and ceiling coverings within a unit.
Important information you should understand
In addition to the covers summarised above, there are a number of terms, conditions, limits and exclusions contained in the Policy that can affect how or whether a claim is paid under this Policy. You need to read the Schedule and the Policy Wording for full details of the available cover, terms, definitions, conditions, exclusions and limits that apply to make sure it meets Your expectations.
Our expert team would love to give you a competitive quote on your Build to Rent Insurance. For Brokers and Strata Managers please request your quote via your StrataTech login or contact us via the below: