What is a multi-unit rental property?

What is a Multi Unit Rental Property?

A Multi Unit Rental Property consists of two or more units, townhouses or flats that share the same roof or are connected in some way (e.g. car-port or deck).  Each unit must be self contained and have the same owner.

Some examples of multi units are:

• a two story house where each level has a separate tenancy
• a block of flats
• cross lease units, connected by a carport.
• duplex townhouses
• rental house with attached self contained studio / granny flat
• these units are all rented out, you don’t live there yourself

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.