What is a Multi Unit Rental Property?
A Multi Unit Rental Property is two or more units that share a wall or floor/ceiling. To classify as a multi unit the units must be attached, i.e. they share a wall or are under the same roof. Each unit must be self contained and have the same owner.
Some examples of multi units are:
- a two story house where each level has a seperate tenancy.
- a block of flats
- cross lease units
- duplex
- rental house with attached studio / granny flat
There are some limitations as to what the multi unit properties we can insure.
- We cannot insure more than 6 units.
- We cannot insure properties that are more than 3 stories.
- The tenancies must not be short term or holiday lets.
- The property must be residential use only.
- We cannot insure individual or multiple units that form part of a body corporate.
Initio is pleased to announce that launch of increased contents cover.
The house cover (section one of the policy wording) provides automatic cover of $20,000 for landlords contents. Through our quick quote calculator you now have the option of increasing the cover to $40,000 for a small additional premium.
This added cover is especially useful for holiday homes and bachs that have a certain amount of furniture and other items in the home.
Please remember that this automatic contents cover provided by the policy is not a full replacement cover, it is a present day value cover. Meaning that the contents item(s) claimed for will be depreciated in accordance with their age. If this doesn’t not suit, or you require more than $40,000 of cover please feel feel to call our office for a custom solution.
The Initio Online Insurance Team.
Online insurance for your holiday home, bach, bookabach, short stay rental and even your long term rental property.
Burglary prevention is as equally important for holiday homeowners and landlords, as it is for one’s own personal residence. Burglary is not just about having your contents stolen; there is also the damage that thieves can cause trying to gain access to the property.
Holiday homes are particularly vulnerable as they are often left unoccupied for extended periods of time.
Landlord Insurance cover is designed to protect you when the worst happens, but as a landlord and property owner there steps that you can take to prevent having to deal with the heartache and distress of someone illegally entering your property, and ultimately having to make a claim on your policy. Here are some tips to prevent opportunistic burglars from targeting and gaining access to your property.
- Check window joinery and replace or repair any loose latches.
- Consider installing security stays on windows.
- Fit deadlocks / deadbolts to all external doors; especially older doors and ranch sliders which can be easier to obtain access.
- Install a burglar alarm and advertise the presence of an alarm.
- Install exterior sensor lights, or check that existing lights are working correctly
- Don’t advertise that you are away; keep the lawns mowed and the mail box clear.
Good security makes people feel safe; it also has the added benefit of retaining good and long term tenants.
