Master Condo Insurance for duplex with <51% owner occupancy

3 Replies

Hi landlords, I need your wisdom! I own one half of a duplex condo building  (quite common in Connecticut), I moved out of my unit a year ago and now rent it out for nice Cashflow. So does the owner of the neighbor unit. We both manage our own units, and just pay a master condo insurance for all exteriors/yard/fence together. Our insurance provider just informed us that they will not extend our joint master condo insurance next year, because they don’t insure condo buildings where more than 50% of units are rented out and not owner-occupied (I don’t know why that is an issue for them). We both don’t plan to move back in anytime soon, and are weary that we might have to sell if we don’t find a solution. Do you know of any insurance providers that would still insure our building even if it’s fully rented?


I insure a few two unit condos here in CT.  They are owner occupied but the question came up in the past.  I believe there were markets for those condos but the rates were similar to a rented duplex not the better condo rates.  PM me and I will let you know Monday some companies that are likely to handle it.  


If you have to make changes to the Association, I know of an couple of Attorneys in CT that have handled formation of these small (2-3) unit condos.  They may be able to help if you have to make changes to the Bylaws because of the rented situation.