Residential Strata PDS Changes (HRS3)

We’re pleased to announce an update to our Strata Insurance PDS. Please find below links to:

• Our updated PDS (HRS3)
• Our Summary of Changes document
• Our updated Product Factsheet

In this version we have...

Updated Section 1 – Buildings and Common Contents as follows:

• Provided for emergency accommodation costs up to a max $2,500 per unit
• Removed our 2% sublimit for floating floors – now accessing the overall section limit
• Removed the time limits for temporary accommodation costs and loss of rent
• Broadened our definitions to clarify that Unit Owners Fixtures and Improvements cover applies to all units
• Introduced carve-outs to several exclusions

Updated Section 8 – Cyber as follows:

• Introduced a condition of coverage and exclusion in respect of validating bank details prior to transferring funds, to replace the existing client declaration, which we will phase out shortly.

Customers on HRS2 will benefit immediately from all changes that are not materially adverse to them, per our Change of Terms and Conditions.

Please refer to the full summary of key changes, along with the PDS.

Coming Soon

Our team have been very busy working on a brand new product. Want a hint of what it is? Check out our LinkedIn page.