3 Building Row House how to Quote

Milkman1265

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Do you guys ever think its good idea, to buy 1 policy with 3 scheduled locations and one umbrella policy to cover the location?

I think it is more cost effective to get a 2MM umbrella to cover the 3 buildings plus 1 policy instead of 3 individual polices.

Info: owner owns 3 building side by side on the same street and lives in all of them with his big family.
 
Interesting. And each building has its own address? And mama and papa bear residing in one building, and kids in the others? With the new ISO homeowners language, many of my carriers would like to see HO3 on papa bears house, and dwelling fire on the other two. All locations to carry underlying liability, and one umbrella to cover the three.

Definitely want the underwriter to make the final determination.
 
yeah each have own address and title. mom and pop bought first house, then bought a house for their son and then for their other son, but all under mom and pops name. i figured i can do ho3, dp3 dp3 but wondered if i can do a dp3 for all 3 as 1 policy.
 
My carriers would require the dp3 on the kids' property. The revised HO3 has language that named insured must 'reside' at that location. I have seen cases where companies have denied a coverage A claim on this very situation. Good Luck and good selling.
 
what in the world are you guys talking about ????

Getting and umbrella for 2 mil and then you guys are talking about Ho3 and Dp3 ??

what is your question ? Property or Liability coverage ??? please define the two
 
the question is whether to get 1 base policy for 3 buildings + 1 umbrella

or 3 base policies without umbrella...
 
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