How do I insure my own home & a rental if both are on the same property or under the one roof?
It’s easy to insure two types of homes that are on the same property or even under the same roof (think upstairs for you the owner, downstairs for a tenant).
It requires two seperate initio policies and heres how you do it:
Step 1: Insure your own home
If you are a new client start by getting a quote. You will be asked questions about the property use, and if its your own home you will say that its used by ‘You, your family, and friends’. On the quote page you will be able to amend the replacement value of your home, add contents cover, and adjust excesses. Continue to follow the steps through to payment. You can pay by credit card (monthly or yearly), or by Account2Account transfer. Your cover will then be confirmed instantly for the date you choose to start the cover.
If you are an existing initio client log in to your dashboard and select ‘Add New Policy’ on the the top right hand side of the dash, and follow the steps.
Tip: Make sure that during the quote select the square metre size and replacement sum insured that relates to your home (ie the primary unit), and excludes the second unit at the dwelling.
Step 2: Insure your rental unit / house
Once the policy is in place for your own home it’s time to add the second policy for the rental house or unit at the same address.
You should already be logged in to your initio dashboard. From here click ‘Add New Property’. Then follow the steps through to making payment and receiving instant confirmation of cover. You will likely enter the same address that was used on the first policy or a slight variation if it has its own offical address (eg 1/35 Hall Road, Cambridge).
If you have another rental unit, you can repeat Step 2 again.
Tip: Make sure you have the correct property type selected (landord, or rental property). And ensure that the square metre size and replacement sum insured selected is reflective of the unit itself (not including your own home).
- You can use this approach to insure the two living units whether they are attached or standalone. Scenarios include:
- Your own home with an attached self contained flat out the back where the tenant lives.
- Two story house, where you live upstairs, and your tenant lives separately downstairs.
- Your own home on the front of the property, with a seperate house out the back.
- Both policies will appear on your dashboard with the same address. Make a note of the property type and the different sizes and sums insured on the policies so that you can identify which policy is which.