How To Deal With Insurance Coverage For A Duplex

Insurance Blog

If you purchased a duplex, you need to make sure you have the right insurance to cover your unique property. The type of insurance you need will depend upon what you plan on doing with the property.

If You Plan to Own & Personally Use Both Sides of the Duplex

A duplex allows you access to two homes. You don't have to live on one side of the home. You can live on both sides of the home. Or you could use one side for living and one side for your home office, and virtual learning for your children. If you intend to have your own family live or use both sides of the duplex, you can purchase a regular home insurance policy for the property. It will cover both sides of the building and provide you with full home insurance protection.

With a home insurance policy for a duplex, be sure to watch the limits on your policy carefully. You want the coverage to be high enough to cover the cost to repair or replace the entire structure if it is damaged, not just one side of the building. Also, make sure the personal property coverage is high enough to cover your belongings through the entire building.

If You Plan to Use One Side & Rent Out the Other

If you plan to live on one side of the duplex and rent out the other side of the duplex, you will need to work carefully with your insurance company. In some states, you will need a different insurance policy for each side of the house. You will need to have a separate policy for the side you live in and the rental side in other states.

In either case, it is important that you let your renter know that they need to carry a rental insurance policy, as your policy will not cover their personal belongings. Also, a rental insurance policy will provide them with additional protection, such as money for a place to live in the rental is damaged in a way that makes it unlivable.

If You Plan on Renting Out Both Sides of the Duplex

If you plan on renting out both sides of the duplex, you will need to get a landlord insurance policy. A landlord rental policy will cover the physical structure and liability associated with renting out a property. A landlord rental policy will also provide you with assistance for lost rental income if your home isn't rentable because of a covered event.

When it comes to a duplex, the type of insurance you need depends upon what you are going with the duplex. If you plan on using both sides, you need a homeowner's insurance policy. If you plan on living on one side of the duplex and renting out the other, you may need a homeowner and landlord policy, and if you are renting the entire thing, you will need a landlord policy.

Contact a local insurance provider to learn more about home insurance and other kinds of insurance you might need.


23 February 2021

Preparing for the Future

Ten years ago, I married my best friend in a beautiful, intimate ceremony. My husband and I have been nearly inseparable and we’ve enjoyed this special time in our lives where it has been just the two of us. However, we’re finally ready to have a baby. Because I only work part-time, my husband is the primary financial provider in the family. If something ever happened to him, I wouldn’t be able to instantly support myself and a child. Because my husband worries about an uncertain future, he is considering purchasing a larger life insurance policy. On this blog, I hope you will discover the best types of life insurance policies for young parents to invest in. Enjoy!