The insurance is designed for owners of residential properties, including standalone houses, terraces, duplexes, and non-strata units, leased on both short-term and long-term bases. Coverage options encompass building and contents insurance, with additional protection for legal liability and digital threats.
Notably, the policy includes cyber cover as a standard feature, offering up to $10,000 for expenses related to data breaches or cybercrime. This inclusion reflects a growing recognition of the digital vulnerabilities associated with property management, such as compromised tenant data or fraudulent online transactions.
Dominique Vagi, Chief Underwriting Officer and co-founder of Hutch Underwriting, emphasized the importance of this feature, stating that cyber losses, though not always visible, can significantly disrupt landlords' operations, from rent collection to managing tenancy data.
For landlords, this innovative policy offers a comprehensive solution that goes beyond traditional coverage. By addressing both physical and digital risks, Hutch Underwriting provides a robust safety net, ensuring that property owners are well-equipped to navigate the complexities of the modern rental market.
