Duplex Insurance Qld - Help Please

[Novar]

Hi everyone,
My duplex insurance is up for renewal today, I'm not sure what's so hard about it but I'm having issues with insurance companies to insure.

It has been insured with Suncorp, who are no longer doing body corp. Ringing around to get cover everyone seems to have issue with "body corp" This is a duplex /2 units one block of land, shared wall.

Not sure what the issue is, we have never had a claim ever of any sort!!

Who are you others insured with for a duplex in Qld and anyone suggest what the problem could be.

Have been talking to AON insurance and they have said we need strata insurance and refered us higher up to someone else waiting again for phone calls!

No idea why what the problem is.

Why is this so hard, never been in the past and getting desperate.

 

[Novar]

So RACQ just came back with a quote for $5100 !! Risk factor $4000+
This is "F" ridiculous.

Help anyone

 

[brettc]

Hi everyone,
My duplex insurance is up for renewal today, I'm not sure what's so hard about it but I'm having issues with insurance companies to insure.

It has been insured with Suncorp, who are no longer doing body corp. Ringing around to get cover everyone seems to have issue with "body corp" This is a duplex /2 units one block of land, shared wall.

Not sure what the issue is, we have never had a claim ever of any sort!!

Who are you others insured with for a duplex in Qld and anyone suggest what the problem could be.

Have been talking to AON insurance and they have said we need strata insurance and refered us higher up to someone else waiting again for phone calls!

No idea why what the problem is.

Why is this so hard, never been in the past and getting desperate.

Do you own both of the duplexes or only one? The problem is the shared wall, one slab and one roof. This essentially puts it into the category of requiring strata building insurance. If there are two owners and one owner disputes paying their share of a common building policy, then there is a problem. Naturally you can't have a building policy for just "your" duplex (if you only own one) as in a total loss situation such as a fire you can't re-erect half a building.

There are solutions but they are not always simple, I would suggest you call James in our landlord insurance division and have a chat, he will at least be able to let you know further. His direct number is 03 9425 1889 or else call the free call number 1800 661 662 and ask for James.

 

[Novar]

Thanks for help, I am waiting on hold with dispute dept Suncorp.
I will call later if no resolution.

So ticked

I own 1 unit, daughter owned other

 

[brettc]

Thanks for help, I am waiting on hold with dispute dept Suncorp.
I will call later if no resolution.

So ticked

I own 1 unit, daughter owned other

Unfortunately I don't think you will have much luck with Suncorp for this property, my understanding is that they withdrew from this type of insurance some time ago, I recall seeing the notices, and they simply will not offer renewal.

 

[brettc]

All sorted I hope?

 

[Jefred]

I have mine insured with CGU. It was very cost effective: $800 PA. I just got a renewal and the premium was increased by approximately 40%. I will be looking into alternatives if there are any.

 

[Sheryn]

Our strata'd duplex ( daughter owns other half )is with GCU and our non strat'd duplex is with Allianz but they won't insure strata'd duplexes.


Hubby spent a lot of time ringing around and in the end had to go thru broker for GCU insurance.



Sheryn

 

[Seeka]

Insured with CHU.
When I bought into the duplex this was the insurance and it was managed through an insurance broker.
I am satisfied with the policy and it costs about $750 per year each duplex, so total of about $1500 including the brokers fees.

 

[Tallowood]

Moral of this thread is that if you own both units in a new duplex and aren't planning on selling soon then do not perform a strata subdivision. The only benefit is increased resale value, but the downsides are plenty as testified to by this thread.