Frequently Asked Questions
How can Duo Insurance help landlords in Australia?
As a landlord in Australia, you are presented with unique challenges and responsibilities. Managing these can sometimes be overwhelming, but that’s where we step in to help you understand the landlord insurance policies available to you.
Our comprehensive coverage protects you and your investment against a range of potential risks and insured events – adding a layer of security to your venture.
- Wide range of coverage: Our landlord insurance coverage spans across everything from damage caused by tenants or their guests, loss of rental income, some aspects of contents cover, legal expenses, and even natural disasters. Whether it’s a residential property or a commercial building, we’ve got you covered.
- Personalised policies: We understand that every landlord and investment property is unique. That’s why we offer customised policies tailored to meet your specific needs and circumstances, ensuring complete protection.
- Efficient claims process: In the unfortunate event that you need to make a claim, our process is simple and swift, ensuring minimum disruption to your business.
Investing in rental property requires a lot of effort and plenty of financial risk. We protect you from an insured event if it happens to pop up. Let us give you peace of mind and the freedom to focus on maximising your property returns without major distractions or worries.
What are the risks associated with not having proper non-strata insurance?
Non-strata insurance is crucial for landlords of non-strata residential buildings in Australia who want to mitigate potential financial risks. With proper coverage, landlords may have the correct insurance, which can lead to heavy financial losses.
Often, these landlords end up with a single-tenant landlord policy that fails to cover the full value of all the units in the block. In other instances, landlords may be relegated to an expensive commercial insurance package, which often includes unnecessary coverages for residential blocks.
Lack of proper non-strata insurance makes it easier for landlords to manage unexpected damages or losses due to fires, floods, theft, or tenant misconduct. The out-of-pocket cost for such incidents can be steep and significantly impact the financial stability of the landlord.
Without coverage for loss of rent, landlords must bear the brunt if a tenant cannot pay rent. This could lead to severe impacts on their cash flow.
Do you provide landlord insurance for all types of properties?
We are dedicated to ensuring that all landlords, regardless of the type of property they own, receive adequate protection. Our landlord insurance caters to a wide range of properties, from single-unit homes, and holiday rental properties, to multi-story apartment complexes, commercial buildings and real estate to mixed-use properties.
We have established a reputation for providing comprehensive and flexible coverages that align with each property type’s unique needs. This guarantees that whatever your property type or investment goal, Duo Insurance has got you covered.
What is the process of applying for non-strata insurance with Duo Insurance?
Applying for non-strata insurance with Duo Insurance is a straightforward process, designed to offer convenience that aligns with your busy schedule as a landlord. The first step is to contact us through a phone call or by filling out the contact form on our website. You must provide some background information about your unit block to get started.
Once we have these details, one of our experienced insurance advisors will assess your situation and discuss the insurance options available to meet your specific needs.
We’ll set it up for you once you’re completely satisfied with the proposed plan. Remember that we’re here to cater to your needs, answer any questions, and provide you with all the necessary information. Consider us as your insurance guide – safely navigating this vital process.
What is the process of filing a claim for home insurance?
We make the process of filing a claim simple and straightforward. When an incident occurs, you just need to contact us. All you need is your policy number and details about the incident, such as when it occurred, the damage it caused, and any other relevant information. In some cases, we may need to see a written rental agreement.
Our experienced team will guide you in filling out the claim form accurately, ensuring a speedy response. Plus, we have skilled claim handlers who aim to finalise your claims as swiftly as possible while maintaining high professional care toward all insured events. From there, we’ll work out the sum insured against your property, the full details and the security you can access.
How can non-strata insurance save money for landlords?
Non-strata insurance can save landlords significant money by accurately aligning the cover to the specific risks associated with individually-owned properties. By leaving the domain of broad-brush strata policies, you can avoid paying for coverage you don’t need and enjoy an appropriately tailored, cost-effective policy.
Consider the example of a client initially paying $6,500 on insurance for a $1.75 million property. With the switch to non-strata insurance, the client dramatically reduced their costs to just $5,500 – a significant saving.
This solution also enhanced their loss of rent coverage to an impressive 15% of the building’s insured value. This kind of savings is typical in transitioning from strata or commercial packages to a non-strata policy.
How does landlord insurance work in Australia?
This optional cover operates as a financial safety net for property owners in Australia. When you lease out your property, and something goes awry, such as a tenant rent default or causing property damage, landlord insurance comes into play. Whether you’re dealing with damage from natural disasters or legal liability, a good policy, like the one offered by our team, provides the necessary coverage.
We cover not only the standard incidents but also offer some unique benefits. Features like loss of rental income, cover for events such as natural disasters, and malicious damage by tenants are included. Property owners can breathe easy knowing they have solid insurance cover behind them, providing full peace of mind.
Importantly, each investor’s situation and property are different, so if you need to compare landlord insurance, we make that process simple too.
We offer customised plans to match each landlord’s specific needs. Our range of policies adapts to meet the diverse demands of landlords across Australia, offering them the most comprehensive protection in the market.
This coverage shields your insured property from unforeseen insured events’ financial and physical impacts. We wouldn’t want you left stranded, dealing with the massive cost of rebuilding and having no financial security as a result. So, we stand beside you, ensuring you’re never left in the lurch and your investment is always secure.
How does Duo Insurance ensure the protection of my property investment?
At Duo Insurance, we understand the unique challenges that property investors face. We offer comprehensive strata insurance cover, specially designed to provide full coverage for strata properties such as apartments, townhouses, and condominiums.
Our insurance offers robust protection against damages from natural disasters such as fire, storm, or floods, and also covers ramifications of human activities like theft or vandalism. In the unfortunate event of these incidents, you can repair or rebuild your property without depleting your investment funds.
We also cover the legal liability for personal injury or damage that happens on your property and extends to the communal areas. Any third-party claims for injuries in the swimming pool, gym or garden are taken care of, protecting your investment and peace of mind.
Duo Insurance aims to secure your property investment from all possible threats, giving you the confidence and assurance you need to focus on growing your investment portfolio.
Did you know we also offer non-strata insurance?
What are the common mistakes landlords make with non-strata insurance?
One of the biggest errors is treating their non-strata property as if it were a single-tenant property. They end up purchasing a single-tenant landlord policy. This policy often needs more vital covers and fails to compensate for possible risks of owning a block of units.
Another frequent mistake is choosing an expensive commercial insurance package. Although it might seem like the logical choice regarding the comprehensiveness of coverage, commercial insurance rarely offers value for money when discussing blocks of units.
Many landlords also frequently need to pay more attention to the importance of accurate property valuation and subsequent updating of this valuation. If you don’t update your property valuation, you could be left without adequate insurance coverage during a claim, leading to potential financial losses.
How Can Duo Insurance Help Me?
If you are a landlord in Australia, you’re likely grappling with unique obstacles when it comes to protecting your investment property.
With building insurance – a service offered by Duo Insurance – you can enjoy peace of mind and assurance that your properties are suitably safeguarded from potential risks and threats.
With a plethora of experience in the insurance industry, Duo Insurance is well-equipped to guide you to the right type of cover for your property. By prioritising transparency and understanding, we take you through each step of our hassle-free policy-setting process. Here’s how we can lend a helping hand:
- Expert guidance: Our knowledgeable team will take the time to comprehend your individual needs and accordingly recommend a policy that fits you.
- Extensive coverage: From damages due to natural disasters, theft, and unforeseen maintenance issues, we strive to present policies that cover a broad range of potential mishaps.
- Ease of processing: As we deal with the paperwork, you can keep your focus on managing your property and being a successful landlord.
- Swift claim settlement: In case of a claim, you’ll discover our process is rapid and uncomplicated, ensuring you can get back on track as quickly as possible.