In today's housing climate, affordability is a major concern to a majority of Australians.
Our clients have found that using their rental properties for organised share housing (otherwise known as Sharehouse, Shared Living, Step Housing, HMO or Multi generational living) has been a financially viable way of keeping their rental properties tenanted. However, this comes with its own specific insurance requirements.
For more information, please contact Karen Takken at the Caboolture Office:
Most student or share accommodation properties are insured under domestic home policies. This is insufficient and claims made under these policies will be rejected. Suppose a tenant fell down the stairs and became permanently incapacitated and they, or their family, claim $5,000,000 compensation from you, how would you pay them?
If you submitted a claim under the public liability section of a home or landlords policy to indemnify you, you can guarantee the relevant insurance company will thoroughly investigate the use of the property and the claim would be rejected unless you had a policy specifically designed for this purpose. We would add that all agents for owners of student and share accommodation facilities could be held vicariously liable if the correct insurance cover is not in place. We have developed a facility through an APRA approved insurance company which is designed specifically for the student accommodation industry.
