by Guest » Sat Jan 07, 2012 03:30 pm
I own two houses situated within the same compound. Each house of course has a different layout and inventory. I was wondering if it was possible to insure both houses under a single policy since I am the sole owner. If I do actually get to insure both under one policy, will I end up paying a disproportionately higher premium if one house is damaged and the other is not?
Posted: Mon Jan 09, 2012 04:33 pm Post Subject:
Homeowners are generally expected to insure each of their properties under individual policies. It is very rare for insurers to draw up one policy for multiple homes as it entails a lot of complicacies in aligning policies. Homeowners also end up paying substantial premium for extensive liability as well. I have heard a RUMOR that there are insurers who will insure multiple homes under one policy provided that all the covered properties are within the same state. Although I am skeptical about the validity of the information, you might want to look around for an insurance company that offers such multiple homes policy. It’s worth a shot.
Posted: Tue Jan 10, 2012 03:49 am Post Subject:
Do you and your family occupy both homes? Are they rentals? If they are not owner-occupied, a business owners policy, insuring multiple rental buildings might be a good way to go.
If they are both owner occupied, going with two separate policies would be best.
Insurance companies will vary in what they may offer you. Shop with all the leading insurance companies in your area and see what they suggest.
Once you know what you can do, post again if you want an opinion on the insurance company recommendations.
Posted: Tue Jan 10, 2012 03:49 pm Post Subject:
I concur, it is better to acquire separate policies for each of the houses in case you and your family are occupying them. Separate policies will help in distributing the total liability evenly and keep costs proportionate.
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