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What coverage do i need in homeowners insurance in a two family house with me living in one of the unit? |
What coverage do i need in homeowners insurance in a two family house with me living in one of the unit? If you are the owner of the 2-family house, you can obtain a regular homeowners policy. The policy will cover The structure, your contents, and liability protection for you and resident relatives of your household. The person occupying the other unit in the house will need to obtain their own renter's policy covering their own possessions and their liability. If you own the house but don't live in it, you need to get a landlords policy, whick covers the structure, minimal contents, and liability. If you are a renter of one of the units of this 2-family, then you will need to obtain your own renters policy. The owner of the property gets a policy to cover the structure. A condo policy only comes into play if the house is designated as a condominium, with an official condominium agreement in place, and you are the owners of one of the condos. Then your policy covers you, and the condo association obtains a policy to cover the structure. Source(s): 29 years in the insurance business Call your homeowners insurance company about umbrella coverage and other types of policies for landlords--a rental has different insurance needs. At the very least you'll need property coverage in the amount of your unit, liability and contents coverage. Your agent can help you with this or just look into it online. If you have any valuables make sure they get listed seperately on the policy, such as diamond jewelry, etc. If the house is divided into two unit and you occupy only one. Then you need either a town-home or condo policy. These policy's will cover possessions, liability (if a invited visitor is injured at your home) and will also cover other certain things that can happen inside the walls such as... if you are on a lower level and the toilet above you leaks and damages your ceiling. What these policy's do not cover is the outside walls of the home. This is if you own. If you rent, then all you need is a renters which covers your personal belongings and some liability. I am a Claims Rep |
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