insuring 2 houses 1 title

Discussion in 'Property Management' started by scientist, 23rd Apr, 2018.

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  1. scientist

    scientist Well-Known Member

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    So if we have 2 dwellings on 1 title, unsubdivided (e.g. a granny flat or a dual occ) each with 3br, how does one go about insuring this? Simply get 2 independent policies? or insure as a 6br property? Which insurers come out cheapest / best for these situations?
     
  2. skater

    skater Well-Known Member

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    I've got 2 policies on mine.
     
  3. hobartchic

    hobartchic Well-Known Member

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    Call an insurer and go from there.
     
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  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Probably need to be on the same policy. If you got 2 separate policies how would they know which one burnt down?
     
  5. D.T.

    D.T. Specialist Property Manager Business Member

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    My 1 like this was with EBM, just explained to them the situation rather than going via the automated thing so they could quote accordingly.
     
  6. Cadbury99

    Cadbury99 Well-Known Member

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    My house and granny flat is insured with Terri Scheer -they advised a single building policy and two landlord insurance policies to cover the two separate tenancies.
    Best to discuss with your chosen insurer.
     
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  7. Random Username

    Random Username Well-Known Member

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    You can have multiple places on one policy, they are referred to as "situation".

    Often referred to as 1 (or some other number as applicable) of 27 X street or A or B etc as the address.

    I reckon they'd work that out by all the black stuff!
     
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  8. Ace in the Hole

    Ace in the Hole Well-Known Member

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    I’ve got a side by side duplex on one title insured by Suncorp, works out well vs two separate policies.
     
  9. Hosko

    Hosko Well-Known Member

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    Probably as 2 structures on the same policy.
    2 separate LL insurances as I suspect there are 2 agreements?
     
  10. brettc

    brettc Well-Known Member

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    As mentioned by DT, if you would like us to quote you should give us a call on 1800 661 662 and explain what you have. It's not unusual and will be quoted appropriately, the online application form won't do it. Any problems, feel free to let me know.
     
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  11. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    I just called Suncorp and changed my building cover x 2 into a strata policy. Basically halved my premiums. Thanks @Ace in the Hole
     
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  12. Ace in the Hole

    Ace in the Hole Well-Known Member

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    No problem @Meristone , I think Suncorp are one of the only insurers who do this as a combined single title res policy.
     
  13. Hosko

    Hosko Well-Known Member

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    Perfect if there is a strata set up. Nice one.
    An FYI there is no requirement to set up this way in Vic if there are only 2 properties
     
  14. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    I actually don't have a strata, its just one title with 2 rentals but Suncorp were happy to insure the building component this way, so worked for me.
     
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  15. Blueskies

    Blueskies Well-Known Member

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    Slightly off topic, but where can you build and rent out separately a three bedroom granny flat? Most of the council's I have seen only permit two bedrooms. When you get to three or more it usually seems to be treated as a secondary dwelling and should form one household group with the main house? (I.e. one lease)
     
  16. skater

    skater Well-Known Member

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    Mine is a dual occ. Two x 3bedders on the one block. This is in Western Sydney.
     
  17. scientist

    scientist Well-Known Member

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    Thanks - seems to be easier than i expected
     
  18. bluesparkJohn

    bluesparkJohn New Member

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    I spoke to AAMI today there's no way they will cover Landlord insurance on a Primary and secondary (Granny flat) dwelling on the one title. They will only cover by Landlord Insurance if members are all from the same family. And you can't sublet to Gran or pop if they are out there
     
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  19. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    This will likely vary from state to state. I believe you cannot rent out a granny flat to strangers in vic like you can in NSW.
     
  20. bluesparkJohn

    bluesparkJohn New Member

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    Yes that is correct things are changing, but Currently in Victoria there is a trial Version happening, they do not need to be dependent living, google. > New trial gives granny flats green light in Victoria | RACV@Home | RACV I believe Western Australia have done the same as New South Wales, I wonder how some of those insurance policies would go if claimed. its risky business. I've spent the last couple of months in Victoria working on plans and getting building approvals now only to be told by insurance your not covered. On the bright side, well at least at this point I haven't started the build, so it's back to the drawing board !
     
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