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
Can I ask what it means by a rooming house?
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
This company will insure you:
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 MeVIC Buyers' Agents for investors, home buyers & SMSFs.
JacM Thanks so much for information, much appreciated. Leanne
No worries.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
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 MeVIC Buyers' Agents for investors, home buyers & SMSFs.
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.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.
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 MeVIC Buyers' Agents for investors, home buyers & SMSFs.
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
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
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
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!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 MeHelping You To Invest With A Purpose To Finish With Successful Results
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