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What is a multi-unit rental property?

What is a Multi Unit Rental Property?

A Multi Unit Rental Property is two or more units that share a wall or floor/ceiling. To classify as a multi unit the units must be attached, i.e. they share a wall or are under the same roof. 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
  • duplex
  • rental house with attached studio / granny flat

Multi Unit Attached Unit Multi Unit

2 Storey Multi Unit

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.

 

 

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