Insurance for whole block of flats

Discussion in 'Property Management' started by jamesproperty, 7th Jul, 2020.

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  1. jamesproperty

    jamesproperty New Member

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    Tamworth
    I have 3 flats that I own in the one complex which I rent out. They are not strata titled - All 3 flats are on the same title.

    I'm having trouble finding what insurance I need. "Strata insurance" seems to require the building to be under strata or community title in the Product Disclosure Statement, which this one isn't. I've been told that "Landlord insurance" won't cover it either since the flats are all adjoining.

    What I'm after is insurance to cover the building, contents that I am responsible for (carpets, aircon, stove, blinds, etc) and legal liability.

    Does anybody have similar experience with what type of insurance I would require and whether there are any companies that specialise in this. I have tried GIO and AAMI so far without much luck.

    Thankyou
     
  2. Ted Varrick

    Ted Varrick Well-Known Member

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    Try CHU, SUU and SCI, they may be able to help you out.
     
  3. Tom Rivera

    Tom Rivera Property Manager Business Member

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  4. skater

    skater Well-Known Member

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    I have a block of three on one title. They are insured with Honan. I pay one large fee which covers the entire building, plus LL insurance of one flat. Then another two smaller fees for the LL portion only of the other two.
     
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  5. Heinz57

    Heinz57 Well-Known Member

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    Terri Scheer. $1729 for the block and $329 per unit on top of this. You may be able to do better I was overseas when the renewal came so just paid up without the usual haggling
     
  6. skater

    skater Well-Known Member

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    That's similar pricing to mine, but only need 2 x top ups for the units as the third is included in the larger payment.
     
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  7. Heinz57

    Heinz57 Well-Known Member

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    I’ll check this out, thank you
     
  8. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    Try Suncorp, I have insurance for my Adelaide multiple property and its been quite affordable.
     
  9. jared7825

    jared7825 Well-Known Member

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    A plus one for Suncorp.
    I have my Duplex building with them and it’s very well priced, for the landlord policy for each unit also affordable and no restriction or changes on loss of rent cover when I renewed this month
     
  10. jamesproperty

    jamesproperty New Member

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    Tamworth
    Thanks for all your advice.

    I thought it was strange that the building policy, then landlord policies x the number of units all had to be separate - I was assuming they could all be covered on the one policy, like what I have for a standalone house.

    It seems to be common practice to have these policies separate, so for my block of 3 flats we need 4 policies.

    We have gone ahead with the insurance on that basis, so all resolved now. Thankyou