Insurance for house and granny flat

[virgo]

Hiya

I have a house and granny flat ; building insurance is with Allianz...they have just informed me that i have to buy TWO separate insurances policies for building cover... as they have two separate tenants..

Apparently if it is one tenancy agreement, then it is okay...go figure


I am puzzled as both are on the same title
Qn: May i know do you have the same problem? If not, who is your insurer?

 

[Propertunity]

AAMI won't do them either.

We use CGU without any problems. There may be others too.

 

[Simon L]

Westpac do and branch managers can get you a great discount if you speak to them direct. Particularly if you have some loans with them.

 

[Mindmaster]

I use Terry Scheer. One building policy for house and GF and two landlord policies for the two sets of tenants.

 

[dressed4success]

There are actually several Insurers able to offer an 'all in one' policy. This saves you fees and charges of having several policies.

That's why using a Broker is beneficial, as direct Insurers can only advise you if you fit into their one product. A Broker finds a product that fits you!!

Good luck!

 

[Davothegreat]

+1 for CGU. I use them on both of my multi dwelling IPs. Ends up as a single policy with both dwellings identified with their own building insurance cover amount and applicable excess. You need to get all dwellings onto a single policy as how else would you be able to deal with the claim process if, say, you had a total loss of one of your dwellings which therefore meant the other was inaccessible? Example if your house burnt down but the granny flat was liveable though inaccessible due to site restrictions during rebuilding phase?

 

[brettc]

+1 for CGU. I use them on both of my multi dwelling IPs. Ends up as a single policy with both dwellings identified with their own building insurance cover amount and applicable excess. You need to get all dwellings onto a single policy as how else would you be able to deal with the claim process if, say, you had a total loss of one of your dwellings which therefore meant the other was inaccessible? Example if your house burnt down but the granny flat was liveable though inaccessible due to site restrictions during rebuilding phase?

That particular scenario would most likely be covered by a "prevention of access" clause in the granny flat policy, providing it was included that is. Property unable to be accessed due to circumstances beyond your control, there are a whole range of situations that fit in to this.

That said, you are certainly better to have them on the one building policy, it seems strange to do it any other way. Certainly with us it would be one RentCoverPlatinum policy which includes building and landlords, plus an additional RentCoverUltra policy to cover the tenant risks for the other tenancy.