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insurance for dual living properties

Discussion in 'Property Management' started by Tinaandalex, 13th Jun, 2016.

  1. Tinaandalex

    Tinaandalex Well-Known Member

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    Hi all,

    People have been talking about the dual living idea where two houses under the same roof and share one address/title. How will insurance company take it when we are leasing out to two unrelated tenants?
    We have recently turn our residential property into a dual living one and plan to lease out one. If it's the case don't think we are covered under the standard insurance policy. Has any of you experienced this and how do you deal with insurance?
    Thanks heaps.

    regards,
    Tinaandalex
     
  2. thatbum

    thatbum Well-Known Member

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    Depends. Are you talking about building insurance or landlord's insurance?
     
  3. D.T.

    D.T. Adelaide Property Manager Business Member

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    I own a pair of duplexs that have different addresses but are on one title between them. EBM didn't seem to mind, just explained what it was when i called.
     
  4. hash_investor

    hash_investor Well-Known Member

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    I recently got one with Terry Sheer. One building and two LLs. They told me to get a package Building+LL and then get another LL
     
  5. Tinaandalex

    Tinaandalex Well-Known Member

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    it can be building insurance for our area and landlord insurance for tenant occupied area if insurance co permit
     
  6. Tinaandalex

    Tinaandalex Well-Known Member

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    Thanks for the reply, D.T. How do you manage to have two addresses on one title?
     
  7. Tinaandalex

    Tinaandalex Well-Known Member

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    Thanks for sharing. Does it matter if multiple buildings share one title?
     
  8. HUGH72

    HUGH72 Well-Known Member

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    Not a problem providing it is disclosed, different insurance companies seem to do things slightly differently.
    We have had a duplex( 2 units 1 title) insured under one policy with Suncorp or two polices with Youi for example. That was a Policy which included both building and LL insurance.
     
  9. hash_investor

    hash_investor Well-Known Member

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    Don't know, check with the insurance.

    My guess is it will still be the same
     
  10. Tinaandalex

    Tinaandalex Well-Known Member

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    Thanks Hugh
     
  11. Tinaandalex

    Tinaandalex Well-Known Member

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    Thanks everyone for their inputs.
    Just another question here if possible. Without extension out we are able to split the current house (internally) into two separate units/duplexes with two separate entrances and gates. Will insurance co requires council permit?
    Thanks heaps
     
  12. hash_investor

    hash_investor Well-Known Member

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    No
     
  13. Tinaandalex

    Tinaandalex Well-Known Member

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    That's short and sweet answer :). Thanks Hash_investor