What is a Multi-Unit rental property for the purpose of insuring under our Multi-Unit Rental policy?

What is a Multi Unit Rental Property?

At initio we have a multi-unit rental policy which was initially designed to insure a block of flats owned by a single landlord.  For this policy, a Multi-Unit Rental Property is defined as;

• two or more units, townhouses or flats that are combined under one building, so connected under the same roof or are physically connected in some other way (e.g. car-port or deck) and
• each unit must be self contained and
• have the same owner and
• be on a standard long-term residential lease

Some examples of multi-units that we can insure under this policy are;

• a two story house where each level has a separate tenancy
• a block of flats owned by one person/entity – up to 8 units
• cross lease units, connected by a carport
• duplex townhouses
• rental house with physically attached self contained studio / granny flat – also rented out

 

There are some limitations as to what the multi unit properties we can insure.

• We cannot insure more than 8 units.
• We cannot insure properties that are more than 3 stories.
• The tenancies must not be short term or holiday lets.
• The property must be residential use only.
• We cannot insure individual or multiple units that form part of a body corporate.
• We cannot insure more than one rental unit at different addresses under this policy.