Homeowners insurance for duplex with two addresses

[Valerie King]

Just bought a duplex with two addresses. One unit upstairs and the other downstairs. They both have completely different gas, water and electric meters. You can get from one unit to the other through the basement. I plan to househack eventually, but no time soon. It’ll likely be at least two years until I start renting one unit out and in the meantime I do not want to pay landlord insurance—just homeowners. My insurance company’s guy finally made it to the house a week after I closed and now they left a message asking if it’s still two addresses or one. So, is it possible for me to get one homeowners insurance policy on two addresses that make up the same building? I’m worried that when I call back my homeowners insurance will double because of the separate addresses. Thanks for the help!

[Jason Bott]

@Valerie King don't be concerned about 2 addresses.  The insurance premium is driven by the Building value listed on the policy and # of units.  If you will be living in the entire building, it would be considered 1 unit.

Here is how your policy needs to be structured during the phases of your house hack;

You only live in the property = Homeowner policy

You live in the property & rent out unit #2 = Homeowners policy with landlord endorsement covering the rental unit

You do not live in the property, both units are rented out = Landlord policy

Good luck with it!