Are multiple properties on same parcel separately insured?

Question

I'm looking at a property that has 3 individual buildings on one parcel.  For insurance purposes, would all 3 be considered different policies?

John Mocker · Answer

Ryan,

I have several clients in that situation.   My first concern as the agent is the Liability coverage.  If possible I try to get the Liability coverage on one policy or from the same company if there will be multiple policies.   The last thing I or my clients want is two or more companies fighting over who's Liability should pay a claim.

The property coverage is easier to handle separately if needed.   Because they are separate structures the property coverage can be on different policies.  It is still preferable to have them on the same but sometimes from a coverage or pricing standpoint separating them is better.   This often happens when one building is commercial and the other residential.

In your situation it is often better to seek out an Independent agent(s) that represents multiple Insurance companies to evaluate which company or companies is the best  for your property.

Casey J Burkhead · Answer

@Ryan Moore, it depends on whether the buildings are on the same deed or not.  If they are all on the same deed, they can be insured on the same policy.  If not, they should be insured separately.

Ryan Moore · Answer

I appreciate all the input, thank you

Jason Bott · Answer

@John Mocker and I must have been typing at the same time...Easy stuff to handle if you talk with an independent agent.

Jason Bott · Answer

@Ryan Moore the catch with this situation is the General Liability coverage.

If there are 3 separate policies, and there is a slip and fall between 2 of the buildings, which policy responds to the claim?

Because of this, it's easy to write separate policies for the Property coverage, but you would need a single General Liability policy for the parcel/all 3 properties.

You will get your best pricing with a single policy combingin the GL and Property.

Sam Shueh · Answer

Shop around. Even same companies like Farmer give different policies...

Are multiple properties on same parcel separately insured?

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