Investor · CA · Member since 2021 · 4 posts · 2 votes
Hi, I have 3 multifamily properties in California (2 duplexes and a triplex) and because all the them have buildings that don't share walls, my insurance company writes 2 policies for the separate buildings. If there is also a free-standing garage, that gets included with one of the policies. So, for 3 properties, I'm paying 6 insurance policies. Does that seem right? Most of the units are under well under 1,000 sq ft. I feel like I'm paying a LOT for insurance.
Rental Property Investor · Chico, CA · Member since 2016 · 625 posts · 336 votes
3y
@Heidi Schmid Welcome. I have a 5 plex that is 2 separate buildings on the property not separated by much. At any rate I pay a policy for each building. Good luck and keep us posted.
Hi, I have 3 multifamily properties in California (2 duplexes and a triplex) and because all the them have buildings that don't share walls, my insurance company writes 2 policies for the separate buildings. If there is also a free-standing garage, that gets included with one of the policies. So, for 3 properties, I'm paying 6 insurance policies. Does that seem right? Most of the units are under well under 1,000 sq ft. I feel like I'm paying a LOT for insurance.
Thank you!
Hey Heidi, it doesn't seem right at all. I might be able to help, I sent you a PM just now.
Rental Property Investor · Chico, CA · Member since 2016 · 625 posts · 336 votes
3y
@Heidi Schmid Welcome. I have a 5 plex that is 2 separate buildings on the property not separated by much. At any rate I pay a policy for each building. Good luck and keep us posted.
@Heidi Schmid Welcome. I have a 5 plex that is 2 separate buildings on the property not separated by much. At any rate I pay a policy for each building. Good luck and keep us posted.
Your case would be acceptable as it's two inhabited dwellings on one parcel. For her it wouldn't make sense. A good example of that is her having separate policies for uninhabited structures like the garage(unless it is being lived in?) As that would fall under coverage B (other structures).
Investor · CA · Member since 2021 · 4 posts · 2 votes
3y
My apologies for any confusion...the garage doesn't have its own policy. The garage is included with one of the inhabited structures, but the 2 separate inhabited structures have separate policies. Thank you!
My apologies for any confusion...the garage doesn't have its own policy. The garage is included with one of the inhabited structures, but the 2 separate inhabited structures have separate policies. Thank you!
Ahh, if it's separate inhabited buildings then yes it would make sense. Some carriers separate them out, some put them under a blanket policy. If you'd like, I can take a look at those policies and see exactly where you're at coverage and price wise. I think I sent you a private message earlier with my info if you had any questions.
Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
3y
My properties are insured by USAA and State Farm and both of those insurers do what you have indicated. In addition, I have a property with 2 units that are attahed by a breezeway and it is two policies which I thought seemed to be a mistake but apparently if they do not share a wall, they are 2 units (even though they are attached).
It is crazy that I can have 4 units attached on one policy, but 2 units that are not attached requires 2 policies.
Separate policies add up to more cost than if they could be insured under a single policy.