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:
It is crucial to acknowledge that many shared accommodation properties may currently be insured under domestic home policies. However, these standard policies may not offer sufficient coverage for certain critical scenarios. For instance, in the unfortunate event that a tenant sustains a severe injury, such as a fall leading to permanent disability, and decides to file a compensation claim for a substantial amount, it becomes imperative to contemplate how you would address this liability if found responsible.
Submitting a claim under the public liability section of a conventional home insurance or landlords' policy may not provide the comprehensive coverage necessary to adequately protect against such risks. These policies are typically not tailored to address the unique challenges and liabilities associated with shared accommodation properties.
It's essential to have a specialised insurance solution designed explicitly for the shared accommodation industry. This ensures that you have the appropriate coverage to safeguard against potential liabilities and claims that may arise in shared accommodation settings.
At MGA, we understand the distinct needs of shared accommodation property owners and agents. We are here to provide you with the support and information needed to ensure that your property is adequately protected. Your peace of mind and the financial security of all stakeholders in the shared accommodation industry are our top priorities.
