Didn't think this was an issue, as there are many student accommodations around, I believe most people just have the vanilla landlord insurance. Have a property settled, still thinking of either renting out as a whole or to student tenants. Been asking few insurance companies and they are as clueless as I am. If I ring up for a landlord insurance they never ask if the IP is rented on one or more leases (and what's this thing with # of leases anyway, insurance companies are full of it !), just where in the content & public liability policy that it excludes dual occupancy/student accommodation. Which brokers/insurance people use. Property is in QLD.
I've called several major insurance companies (AAMI, GIO, NRMA, Allianze) , the answer I received are all the same: they would not insure student accommodation where more than one lease is in place for the house.
I was told that some insurance broker might be able to help on this one.Thanks danviv1, but when do they ask if there is more than one lease ?
That's qwhy I said insurance companies are full of it, something as common as student accommodation and they don't cover. People must be getting insurance somewhere, I was told Terri Sheer etc. But my query is where is the exclusion either in the application process or the PDS ?
Lumleys through a broker is worth a look – they're even cheaper than cheap EBM.
thanka KateMelb
Hi cut the chase,
they actually don't ask if there is more than 1 lease, the sales representative just want to get the premium so they don't bother asking details like this.
I actually asked explicitly if they insure it, then they answered no. I believe the risk is that if you buy an insurance without telling them it is more than 1 lease in place, you will have trouble when declare something in the future.
did you try the broker? how did that go?
viv
Not a recommendation, but you could also try here:
http://www.pbinsurance.com.au/index.php/products_services/student_accommodation/
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