One of the key enhancements in the new policy is the introduction of Lot Owner Contents Insurance. This optional coverage bridges the gap between traditional strata insurance and individual contents policies by covering fixtures and fittings such as home appliances, curtains, blinds, and carpets. This integration allows owners to manage claims involving both common property and certain personal contents through a single insurer, streamlining the claims process and reducing potential disruptions.
Additionally, CHU has made Office Bearers Liability a standard inclusion in all policies. This coverage protects committee members from legal liabilities arising from their duties, acknowledging the complexities and responsibilities inherent in strata management. By automatically including this protection, CHU aims to provide peace of mind to those serving on strata committees.
To further enhance clarity and usability, CHU has restructured the policy wording. All building-related covers, including Insured Property, Machinery Breakdown, Catastrophe Cover, and Lot Owners' Fixtures and Fittings, are now consolidated into a single section. This reorganization enables committees to assess and select the coverage options that best suit their needs more efficiently.
Kimberley Jonsson, Chief Executive Officer at CHU, emphasized the importance of evolving insurance offerings to meet customer needs. She stated, "At CHU, we believe insurance should evolve with the needs of our customers. This upgrade to our residential offering is about removing complexity, bridging gaps in coverage, and ensuring strata residents are better protected."
These enhancements are part of CHU's ongoing efforts to support the growing strata community in Australia. With over one million apartments, units, villas, and townhouses covered nationwide, CHU continues to set the standard in strata insurance by addressing the evolving needs of property owners and managers.
