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
- rental house with attached studio / granny flat
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.