CHU has announced a pair of new products as it expands its offering in the strata market.
The firm has released CHU contents insurance for strata and CHU landlords insurance for strata which will be available to brokers on the CHU StrataTech Platform, as well as to direct customers via electronic quote forms on the CHU website.
The new policies will see those needing to claim more than one CHU strata policy waive excess payable by the lot occupant under the contents or landlord policy.
“Many existing policies have excesses that the consumer must pay when the damage to their assets was no fault of their own. This places significant stress and financial burden on the lot owners and landlords,” Bobby Lehane, CEO of CHU said.
“We identified a need to provide customers with insurance products to protect their personal contents and a policy to protect the investments of Landlords who have units or townhouses in their portfolio.”
Lehane said that CHU had sought feedback from its customers whilst developing the pair of new products and found that there was a lack of understanding in the market about what is insured under the building section of a strata policy.
Policyholders are sometimes unaware that personal belongings or investment income for landlords, are not covered by strata insurance, Lehane noted, as the new products aim to improve insurance take-up.
Contents remain underinsured across the country, Lehane noted, as changing demographics of strata residents reflect the barriers to home buying.
“There are more residents today with valuable assets to protect than ever before,” Lehane continued. “Our policy, specifically designed for strata residents and investors, plans to address this issue.”
CHU was named as the broker’s choice in the strata market in Insurance Business’ brokers on underwriting agencies survey.
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