Dual Income Property - Home Insurance

[sal888]

Hi Folks!

Looking at investing in a dual income property, either in the Ipswich area or Sunshine Coast (IP#5). Having just paid body corporate insurance for a duplex pair in Far North Queensland (thats another issue!) I wanted to double check the insurance requirements on a dual income home.

The property would be on one title, 2 leases, one common wall and will not be strata titled at completion. I have called a couple of insurance companies and because it will not be strata'd it does not qualify for Body Corp AND because it has a common wall, it can not be insured under home building insurance!

Does anyone actually own a dual income property and what type of insurance do you have? Appreciate any feedback

 

[sal888]

Phew.....have found out that CGU will insure separately against each unit.

 

[D.T.]

One of my props is a duplex pair in adelaide on 1 title.
I insured it thru ebm. I think they did it up as 1 building insurance component and 2 landlord insurance components.

 

[brettc]

Hi Folks!

Looking at investing in a dual income property, either in the Ipswich area or Sunshine Coast (IP#5). Having just paid body corporate insurance for a duplex pair in Far North Queensland (thats another issue!) I wanted to double check the insurance requirements on a dual income home.

The property would be on one title, 2 leases, one common wall and will not be strata titled at completion. I have called a couple of insurance companies and because it will not be strata'd it does not qualify for Body Corp AND because it has a common wall, it can not be insured under home building insurance!

Does anyone actually own a dual income property and what type of insurance do you have? Appreciate any feedback

Are you buying the whole building, as in both units?

If that's the case we would do exactly as D.T. stated, insure the building as a whole under RentCoverPlatinum, but there would be two landlord policies included for the tenant-related risks.

 

[trish266]

We have a house with granny flat on separate electricity meters. Terri Scheer was able to cover us but there were a few who said no.