Property that has two buildings

6 Replies

Hi  BP,

I just purchased a new 4-unit property which has a duplex and 2 single homes. My insruance will not insure the buildings together they will insure them if they are separate insurance. Do you have any ideas?

Thank you in advance.

Originally posted by @Edward P. :

Hi  BP,

I just purchased a new 4-unit property which has a duplex and 2 single homes. My insruance will not insure the buildings together they will insure them if they are separate insurance. Do you have any ideas?

Thank you in advance.

 each structure is always insured as a seperate dwelling unit, even a garage.  but it is all on one policy

Some companies will "schedule" multiple properties on on policy. Ask your agent about "scheduling" properties. If he doesn't know what you're talking about, find another agent.

Some companies will "schedule" multiple properties on one policy. Ask your agent about "scheduling" properties. If he doesn't know what you're talking about, find another agent.

Thank you both

@Edward P. - You can definitely have each property listed out separately on the policy. You will be able to do this on a personal policy as it is 4 units or less. Once you get to 5 and above you typically need to go to a commercial insurance policy to insure those. Much like 4 unit and below is residential loan and 5 units and above is commercial loan. Hope that helps! 

Thank you but doesnt my insurance go up because it's done separately?

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.