Join Australia's most dynamic and respected property investment community

Duplex building insurance

Discussion in 'Property Management' started by hash_investor, 3rd Jun, 2016.

  1. hash_investor

    hash_investor Well-Known Member

    Joined:
    11th Oct, 2015
    Posts:
    912
    Location:
    Sydney / Canberra
    Hi, I am looking for an insurance product for a dual occupancy home. Its technically one building, one title but separate dwellings. Should I get separate building insurance for both or just get one? I guess landlord insurance would definitely be different for both ?

    I did a quick quote on terry sheer for full building. Thinking of giving them a call to make sure it will work. Any recommendations?
     
  2. brettc

    brettc Well-Known Member Business Plus Member

    Joined:
    19th Jun, 2015
    Posts:
    113
    Location:
    Gold Coast
    This may depend upon the insurer so I can only confirm regarding what we would do. We would do it as one building policy and two landlord policies, very simple. Essentially we would have a RentCoverPlatinum policy which automatically includes a building policy against defined events (fire, storm, water etc.) as well as the tenant-related risks of one landlord policy (RentCoverUltra) which would cover one tenancy, and then we would add an additional RentCoverUltra policy to cover the second tenancy risk.

    Feel free to let me know if you have any other questions.
     
  3. AceBuild

    AceBuild Member

    Joined:
    19th Jan, 2016
    Posts:
    14
    Location:
    NSW
    Hi Hash Investor

    When I completed my duplex, I shopped around and found Terri Scheer was the most competitve. In my case, At the time of inquiry, the duplex was on one title pending subdivision into two separate torrens titles. They advised that I take out a policy on the building as a whole and just just ring them when subdivision went thorugh and they'd split the policy and create a second one. As @brettc mentions, you would do it one building and two landlord policy's, assuming you are renting them out.

    Give Terri Scheer a call, they were very pleasant to deal with. I had a storm damage claim with them early this year and they were very helpful and prompt in dealing with it. No issues.
     
  4. Newfast

    Newfast Well-Known Member

    Joined:
    24th Apr, 2016
    Posts:
    143
    Location:
    Syd
    Hi, i live in duplex. Me and my neighbor buy 1 insurance which covers the whole building as we have shared wall and driveway. Insurance company only needs that property number which is a combination of letters and numbers e.g spf4080 . We used to have gio but the best and cheapest we got last year from woollies. Everyyear we check and renew.