Homeowner Insurance for multi unit property with two addresses

4 Replies

Hello Everyone,

Newb here! 

I'm in the process in purchasing a multi unit property with two different address and just had a quick question about homeowner insurance since I called three different insurance companies and they all confused me. 

Quick background - purchase property is a triplex in CA (a duplex property- 1 bed/bath in each unit and a detached unit - 2 bed 1 bath) . The duplex has a single address and the detached has a separate address. I plan to live in one of the units in the duplex property

As i'm shopping for homeowner insurance, i gave that little background that the property has two different address and 2 out of 3 were like "what do you mean it has two addresses? that doesn't make any sense" and the last insurance mentioned that i would have to purchase a separate "landlord" owner insurance to cover the detached one since i plan to live in one of the duplex units.

I guess my question is, have any of you ever purchased homeowner insurance with a similar story as mine? 

should the insurance be under one policy or does this require two policies? the deed has both addresses listed.

Any guidance would be helpful.

Thanks in advance!

Originally posted by @Richard Mendoza :

Hello Everyone,

Newb here! 

I'm in the process in purchasing a multi unit property with two different address and just had a quick question about homeowner insurance since I called three different insurance companies and they all confused me. 

Quick background - purchase property is a triplex in CA (a duplex property- 1 bed/bath in each unit and a detached unit - 2 bed 1 bath) . The duplex has a single address and the detached has a separate address. I plan to live in one of the units in the duplex property

As i'm shopping for homeowner insurance, i gave that little background that the property has two different address and 2 out of 3 were like "what do you mean it has two addresses? that doesn't make any sense" and the last insurance mentioned that i would have to purchase a separate "landlord" owner insurance to cover the detached one since i plan to live in one of the duplex units.

I guess my question is, have any of you ever purchased homeowner insurance with a similar story as mine? 

should the insurance be under one policy or does this require two policies? the deed has both addresses listed.

Any guidance would be helpful.

Thanks in advance!

Richard, some insurance companies can insure both buildings on a single policy, and others will need to insure it with 2.  I woudnt worry too much about how many policies you have.

Main thing you want to make sure of is that the one you live in is a homeowners policy and the "Non Owner" occupied building is insured as such.  This could be called a Landlord policy or a Rental Dwelling.

You could set up Landlord policy / policies for both buildings and then buy a Renters policy for the unit you live in to cover your personal property and liability. It's a little weird but it works.

Richard,

Check with the Tax Assessor in the town.  It may be that there are two mailing addresses but just one legal property.   If that is the case you would be insuring two buildings on one property.  If they are separate legal properties, it may make more sense to do separate policies.

I have a client with at similar setup to the one legal address possibilty.  We insure the owner occupied building under a homeowners, cover the liability for the whole property under the homeowners, and insure the rented building under a Dwelling fire policy without Liability coverage.  Kept both policies with the same insurance carrier to simplify things.

I just wanted to thank you all for the responses! I was able to find an insurance company that cover both properties under one policy. Took a couple of calls but you guys did help a bunch!

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