Why my insurance agency asking me to get a commercial insurance

[Bandu Khote]

Hi ,

While adding my fourth condo to insurance, insurance agent asked me that I may have to get a commercial insurance.

What does this means to me?. Would it be expensive?

[Owen Rosen]

Not necessarily. What are you adding the condo to?  What carrier?

[Bandu Khote]

Quote from @Owen Rosen:

Not necessarily. What are you adding the condo to?  What carrier?

Thanks.  I am buying insurance on the new condo by adding it to the list of three condos already insured with them.

[Owen Rosen]

Quote from @Bandu Khote:

Quote from @Owen Rosen:

Not necessarily. What are you adding the condo to?  What carrier?

Thanks.  I am buying insurance on the new condo by adding it to the list of three condos already insured with them.

 You should definitely ask what he/she meant and if it's a suggestion or requirement based on the amount of properties.

[David M.]

@Bandu Khote you should double check.  It might just mean that your current company doesn't want to insure anymore for you.  Or, perhaps the agent is looking out for you as it starts to seem that you are running a business and perhaps should get more / different coverage.  Either way, you should ask for clarification.

[Russell Brazil]

Is the condo personally owned or corporately owned?

[Bandu Khote]

Quote from @Russell Brazil:

Is the condo personally owned or corporately owned?

 Personally

[Sam Yin]

@Bandu Khote

Add another policy. Or use another carrier for the next one.

Your agent may be lumping them into one... Thus 4 may be your max.

[Melanie P.]

You should consider commercial general liability insurance. It covers a wider scope of potential liability than a lot of homeowner/landlord policies cover. Be sure to point out to whomever is quoting the policy any insurance maintained by the condo association as those policies do mitigate your ability to incur separate liability .