HOMEOWNERS INSURANCE FOR DUPLEX

15 Replies

Hey guys, 

I bought a duplex but need repairs. I am having a hard time getting home insurance because of the 4 point inspection since the property built 1940. Any work around this costly insurance. Rena

Keep calling around.  The huge insurance companies generally have a program for just about everyone.

I speak of Geico, Farmer's and that sized company.

Since the home need repairs some are asking for the 4 point inspection. It’s was built in 1940.

@Aaron Montague I respectfully disagree. They only want the business they consider to be “non hairy.” I know because I have to rewrite lots of people who buy from the big guys and then get terminated. Speaking to an independent agent with access to carriers with niche markets would be a much better play

Hi Rena!

I know of a few companies who will write homes that aren't in great shape. But, some of them will only write homeowners policies instead of a landlord or dwelling policy. What do you intend to do with your duplex? Will you fix it up and rent out both halves? Or occupy one half and rent out the other side? Or are you just going to fix it and sell it?

I've been working as an independent agent for a while and we've had to insure many homes that were in ruins. Let me know what you plan to do with your property and I'll be able to suggest some companies that might be helpful.

Rebecca,

I plan to live in one side for a year while repairing  then move. Please send me some good contacts

Originally posted by @Ben Guttman :

@Aaron Montague I respectfully disagree. They only want the business they consider to be “non hairy.” I know because I have to rewrite lots of people who buy from the big guys and then get terminated. Speaking to an independent agent with access to carriers with niche markets would be a much better play

I'll always defer to the industry insider :)  Ben - What would help our OP move the business from "hairy" to "non hairy?" 

@Aaron Montague awww thanks. Updates to major systems usually make most carriers happy. Older buildings just have different risk factors but a lot of that can be mitigated by fixing the systems that would cause issues. (roof,HVAC,working,plumbing)