A key addition to the policy is the optional lot owners' cover, designed to address the gap between traditional strata insurance and individual contents policies. This cover includes fixtures and fittings such as home appliances, curtains, and carpets, allowing owners to manage claims through a single insurer when both common property and certain contents are affected. This streamlined approach is expected to expedite the claims process and reduce potential complications.
Another notable enhancement is the inclusion of office bearers' liability as a standard feature in all policies. This provision offers protection for committee members who may become legally liable while performing their duties. By incorporating this liability coverage, CHU acknowledges the potential risks faced by individuals serving on strata committees and provides an additional layer of security for both the members and the committee as a whole.
To improve clarity and user-friendliness, CHU has restructured the policy wording. All building-related covers, including insured property, machinery breakdown, catastrophe cover, and lot owners' fixtures and fittings, are now consolidated into a single section. Additionally, certain sublimits have been increased, and sum insured defaults have been raised to better reflect replacement costs, thereby reducing the risk of underinsurance.
These policy enhancements took effect in August 2025 and apply to all new and renewal policies. CHU's proactive approach in updating its residential strata insurance offerings demonstrates a commitment to meeting the changing requirements of strata communities, ensuring that property owners have access to comprehensive and straightforward insurance solutions.
