Frequently Asked Questions
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 building insurance solve common problems faced by landlords?
In the event your property is damaged by storms, fire, theft, flooding, or acts of vandalism, landlord building insurance has your back. It covers the cost of repairs or even entire property replacement.
Furthermore, if your tenants decide to leave unexpectedly or can’t pay their rent, your insurance policy can cover the rental income you would have otherwise lost during that period. This ensures continued cash flow despite sudden disruptions in your rental income.
Landlord insurance also covers any legal costs arising from tenant disputes. And while every landlord hopes to never be in this kind of situation, having insurance gives comfort in knowing you have financial backing if necessary.
What are the benefits of non-strata cover building insurance?
Non-strata insurance can provide a range of benefits for landlords, particularly those who own a block of residential units that isn’t under the strata scheme.
Just as a starter, it’s custom-designed to cater to the unique needs of non-strata properties, ensuring a more tailored fit for coverage.
- Firstly, it offers a cost-effective alternative to expensive commercial packages. This was demonstrated in a recent case where a client’s rate dropped from $6,500 to $5,500 for a $1.75 million property.
- Secondly, with non-strata insurance, there’s an enhanced loss of rent coverage for landlords, usually up to 15% of the building’s value. The benefit? It gives you peace of mind knowing that you’re protected from potential loss of rental income.
- Thirdly, it addresses the issue of incorrect coverage often seen with single-tenant landlord policies. For multi-unit landlords, this is no small matter.
- Finally, it fills a significant gap in the market, as many insurers largely overlook non-strata blocks, leaving landlords with inadequate coverage options.
In a nutshell, non-strata insurance takes a more personalised approach to protection. That means you get the assurance that comes with having an insurance policy crafted with your specific needs in mind.
What are the benefits of using Duo Insurance?
Opting for Duo Insurance instead of other insurance brokers to protect your property investment carries some huge benefits, including:
- Comprehensive Coverage: Duo Insurance offers a versatile coverage plan encompassing many possible incidents. From public liability to loss of rent, we’ve got you covered. Our policy even covers environmental damages like storms, floods, and fires.
- Customisable Plans: We recognise that each property investor’s needs are unique. Therefore, Duo Insurance offers customisable plans that readily cater to your requirements. If there are certain aspects of coverage you feel are unnecessary, or if you want additional coverage, we’re here to make it happen.
- Competitive Premiums: We offer market-competitive premiums. With our diverse options, we provide a plan that best suits your budget. Remember, insurance isn’t just a cost, but an investment towards securing your property.
- Expert Advice: Our team of experts can guide you through the nitty-gritty. They will help you understand the complexities to make an informed decision.
- Reliable Claims Process: If you need to make a claim, rest assured that Duo Insurance has a user-friendly and efficient claims process. Our dedicated team works diligently to settle your claims quickly and fairly.
Overall, Duo Insurance takes pride in our service to deliver a comprehensive, customisable, and customer-friendly strata insurance solution. Let us protect your investment so you can enjoy its rewards with peace of mind.
How much does landlord insurance cost?
A landlord insurance quote can vary significantly based on many variables. For example, the average price for a policy in Australia is $1,200 per year.
Factors influencing the cost include the type of property, its location, the age and condition of the property, and the coverage level you choose.
Typically, in Australia, landlord insurance costs between a few hundred and over a thousand dollars per year. But remember, it’s a wise investment, considering the safeguards it provides for your precious assets.
The exact cost is determined by the policy and features you choose, so it’s important to discuss your specific requirements with your insurer, such as Duo Insurance.
What if I am not satisfied with the service I received?
At Duo Insurance, we strive to deliver exceptional levels of service, and our team is always available to provide you with support. Nevertheless, we recognize that misunderstandings may occur. If you are dissatisfied with any aspect of our service, please do not hesitate to reach out to us and voice your concerns. We appreciate all feedback that can help us improve our services. In such cases, the claims manager or head of claims may get involved to help resolve the issue.
If the matter remains unresolved, we will provide you with our dispute resolution procedures, where you can escalate the matter further and voice any unresolved disputes or complaints.
How long does the claims process take?
The claims process can take anywhere from 10 days to 4 months under normal circumstances. This includes the time required to receive and process your claim, gather information, and conduct any necessary investigations. However, more complex claims that require the services of assessors or experts may take longer to resolve.
In some cases, catastrophic events such as natural disasters or widespread incidents can also cause delays. This may be due to remote locations, limited resources, or a scarcity of tradespeople. In these instances, the claims process can take up to 12 months or more.
Despite these potential delays, we aim to process your claim as quickly as possible. Once we have received all the necessary information and documentation to support your claim, we will make a decision within 10 business days. We will also keep you informed of the progress of your claim at regular intervals of at least 20 business days, or at alternative time frames as agreed upon.
Ultimately, our aim is to keep the duration of your claim to a minimum while ensuring that we provide a thorough and fair assessment. If you have any questions or concerns about the claims process, please do not hesitate to contact our team for assistance. We are committed to providing prompt and helpful service to all our clients.
Is it worth getting landlord insurance?
The fact is that about 85% of Australian landlords do not fully understand what their insurance policy covers. We aim to resolve this confusion.
In a nutshell, it’s always worth getting landlord insurance, especially in Australia, where property-related disputes can be quite common.
As a landlord, you expose yourself to various potential risks, from non-payment of rent to unexpected property damages. Landlord insurance offers you peace of mind as it handles the financial implications of these risks so you can focus on growing your investment.
Obtaining landlord insurance covers scenarios like loss of rental income, legal expenses, and tenant-related damages, making it a strategic move to secure your investment.
What is the difference between strata and non-strata insurance?
Strata and non-strata insurance fundamentally differ in terms of the properties they cover. Strata insurance primarily covers buildings subdivided into units, apartments or townhouses with multiple owners, and common property areas governed by strata management or a corporate body. This kind of insurance typically includes coverage for damages to the building and commonly shared areas like gardens, lifts, and pools.
On the other hand, non-strata insurance covers blocks of units owned by a single entity with no strata title, strata manager or body corporate.
This type of insurance handles risks of buildings where the landlord is solely responsible for the legal liability of the entire block. It covers the building, property owner’s liability, and loss of rent. The unique aspect of non-strata insurance is that it suits the needs of single-owner blocks not covered by other specific insurance products.
What are the steps to follow when something goes wrong?
Our claims specialists are available to help you if anything goes wrong. We will provide you with support throughout the process and help you get back on track as soon as possible.
If you experience any loss, damage, or liability, please let us know as soon as possible. We will advise you on the next steps and may arrange for an assessor to inspect your property if needed.
Submitting a claim to us is easy and can be done online 24/7 through our claims lodgment.