Landlord Insurance for House + Granny Flat

[jrc77]

Getting quotes this morning for landlord insurance. Speaking to Terri Scheer they said that house + granny flat on separate leases requires two lots of landlord insurance (so in this case $351 x 2 = $702).

Has anyone else come across this with other insurers or know if it is common policy between all insurers?

Thanks,

Jason

 

[mattysavager]

It's common for landlord insurance.

It would fall under one building insurance policy, however as there are two leases, the insurer is up for potentially two claims at once, so you pay for two policies.

Many will discount the second one if you explain the setup and ask nicely.

Matt

 

[brettc]

Getting quotes this morning for landlord insurance. Speaking to Terri Scheer they said that house + granny flat on separate leases requires two lots of landlord insurance (so in this case $351 x 2 = $702).

Has anyone else come across this with other insurers or know if it is common policy between all insurers?

Thanks,

Jason

Hi Jason

That's quite right. It can be one building policy which is for the defined events (fire, storm etc.) but two landlord policies. The reason is that each lease (tenant) is a separate risk, as Matt said it is possible that you could have both tenants defaulting or breaking leases etc. (let's hope not mind you).

If you have any questions feel free to let me know.

 

[saiman]

EBM is the best and cheapest and they are giving 2 months free for each new application