All Topics / Help Needed! / Need Rooming house Insurance – Victoria

Viewing 15 posts - 1 through 15 (of 15 total)
  • Profile photo of Leanne63Leanne63
    Member
    @leanne63
    Join Date: 2009
    Post Count: 7

    Hi new member here.  Have a 3BR house with a bungalow in yard.  4 individuals live on property.  Council has given permit for property to be rooming house, however having trouble obtaining insurance. Any ideas where to go.  Tks Leanne

    Profile photo of nightelvesnightelves
    Member
    @nightelves
    Join Date: 2010
    Post Count: 48

    Can I ask what it means by a rooming house?

    Profile photo of Leanne63Leanne63
    Member
    @leanne63
    Join Date: 2009
    Post Count: 7

    Hi, a rooming house is considered such by council with 2 or more individual people renting a house room by room (locks to bedroom door and communal living spaces) and people stay between 3 – 12 months.  Had to put in hardwired smoke detectors to bedrooms & emergency lighting.  Insurance companies will only give landlord insurance if 2 individual people only rent house and no locks to bedrooms.   Can anyone help pleaseeeeeeeeeeee

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    This company will insure you:

    http://www.terrischeer.com.au

    You might consider getting your landlord insurance through them, but the building insurance through someone else (they're quite expensive for building insurance)

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of Leanne63Leanne63
    Member
    @leanne63
    Join Date: 2009
    Post Count: 7

    JacM   Thanks so much for information, much appreciated.   Leanne

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    No worries.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    Give GIO a try … they've been more useful to me than the other mainstream insurers.  You never know…

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of Leanne63Leanne63
    Member
    @leanne63
    Join Date: 2009
    Post Count: 7

    Rang Terri Cheer no go – who put me onto another company – same reply. Rang GIO CGU RACV (& other ins co's) rang Brokers Assoc. no go who put me onto Financial Ombudsman in Victoria – they no of no one.  Rang a Boarding house who said their insurance is thru Lloyd's of London but thru a broker in Aust (won't give Brokers name for some reason or another).  Back to square one.
    Apparently all insurance companies find rooming houses high risk (because they are individuals unrelated, one tenant could take to a dislike to another tenant and could effectively set their belongings on fire etc).  I think with today's rental crisis it seems such a shame that you cannot support individuals etc due to legalities etc. 

    Profile photo of itsandrewitsandrew
    Participant
    @itsandrew
    Join Date: 2007
    Post Count: 294

    Does this mean poeple who own IP's (eg. 3br homes) for student accommodation are all uninsured?  Or do they get a different type of insurance?

    itsandrew

    Go as far as you can see and you will see further.

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    Maybe they are not being completely truthful to the insurer about the nature of the tenancies :-)

    Did you apply for the rooming house permit?  If so, why?  Much harder to get insurance and finance, as you are finding out.  Better to declare it a short stay and insure it through Terri Scheer or something.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of basbogbasbog
    Participant
    @basbog
    Join Date: 2010
    Post Count: 58

    Hi

    I run student accomodation, I had problems with insurance too, ring Ross @ TCB 08 8376 2299 he found a company for me.

    Is yours student acc, or boarding house as I think this makes a difference

    Barry

    Profile photo of Leanne63Leanne63
    Member
    @leanne63
    Join Date: 2009
    Post Count: 7

    Hi Barry,  Next year it will be student accommodation hopefully.  I just missed half year intake this year. So to fill the rental I have put in individual tenants requiring a 5 – 6 month stay.  Tks for your adv I will ring Ross  Rgds Leanne

    Profile photo of Leanne63Leanne63
    Member
    @leanne63
    Join Date: 2009
    Post Count: 7

    JacM, Tks for your info.  Neighbour next door notified council that it was a rooming house (why I don't know as there were only 3 quiet people on property with no parking issues) council came to inspect property and declared it a rooming house which changes building classification from 1A to 1B. I have no choice but to implement works and apply for the permit.  Firstly I have to get a Building Surveyor and go thru the necessary steps for the permit. Which council said they would issue afterwards.  Tks for yr adv

    Profile photo of helen74helen74
    Member
    @helen74
    Join Date: 2010
    Post Count: 2

    Leanne

    Try Loyds of London – they offer boarding house insurance.
    The underwriters are based in qld however access insurance in knox would be able to help you out.
    ph: 9887 2277  Best of luck – you're looking at a fairly high premium!

    Profile photo of Positive ResultsPositive Results
    Participant
    @positive-results
    Join Date: 2006
    Post Count: 36

    Hi Leanne,

    If you are happy to please send me an email with the details or your contact information, we offer a policy for investors which may suite, I will run it past our BDM who might be able to get it through for you or offer suggestions on how to present it.

    Cheers
    Paul.

    Positive Results | Educating Property Investors / We Find Houses
    http://wefindhouses.com.au
    Email Me | Phone Me

    Helping You To Invest With A Purpose To Finish With Successful Results

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