Dear Fellow Investors………..
I have finally gained council approval for a dual occupancy on a 1/4 acre block of land I purchased a couple of years ago in far NQ as an IP. This property has a nice high-set fibro on it and has commanded excellent rent over the years, without a week of vacancy.
I will shortly be starting the additional property on the rear of this block and plan is to eventually strata the two properties, as individual titles would not be possible. This would allow access to additional capital within the second property for further investing.
After making enquires for quotes, I am told by my current insurer (AAMI) that they do not cover two properties on one title, unless these properties are strata titled immediately after the build is completed. Has anyone come across this same issue, as I am assuming that there must be companies who'd insure two or more dwellings on the one title?
Regards
Redhot
Contact a broker, they will put on you the right track
Interesting redhot, … our dual occupancy development (SE Qld) is due for completion in around 3-4 weeks, ….. I may need to look into this as we were going to keep the properties on one title for the time being.
Mystery
Double check. I just bought a property that I will divide to make a granny flat. They said let them know when that happens so they can change the insurance. It's not 2 separate buildings though.
Just go somewhere else if it's not possible. Plenty of people have dual occs so someone must insure them. You are insuring the house, not the land so I would assume 2 different building insurances.
Consult with a broker and may be find out if you can have two different insurances for both buildings.
AAMI insures my IPswich property which is on 1 acre with two homes, dual oc…weird..i might call them to double check mines done properly.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
