One Owner 2 Houses
- Thread starter bill777
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Guest
Guest
no, you have to do them seperate,
There are a few carriers that will let you write multiple landlord policies, but you usually need 10 properties for that
There are a few carriers that will let you write multiple landlord policies, but you usually need 10 properties for that
3rdtimeisacharm
Expert
- 39
You will have to ask the carrier if they will allow secondary dwelling policies (some do, and they are becoming less and less). You will need to ask the client how much time they spend in each house and where the house is located.
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Guest
Guest
3rd time, why in the hell would a person own a house and have a secondary house RIGHT NEXT DOOR????
- 415
- 409
There are some circumstances with some carriers where you can do this on one policy. If both houses are on the same parcel of land, and one of them is the primary residence of the insured, and the other is a rental, you can add a rider for "separate structures rented to other" and then make sure the separate structures coverage is enough to cover that building.
If they're both used for the insureds personal use (say for instance the second home is a guest house that isn't rented and only used occasionally) a standard policy should cover it as long as the separate structures is high enough.
If they're different parcels of land, you're going to need separate policies.
If they're both rentals, even if they're on the same parcel of land, you'll probably need two separate policies. At least I haven't found a carrier willing to do them as one. I only deal with personal lines carriers though, so there are probably commercial carriers that would do this (and possibly personal lines ones that I don't work with).
When all else fails, ask your underwriters.
If they're both used for the insureds personal use (say for instance the second home is a guest house that isn't rented and only used occasionally) a standard policy should cover it as long as the separate structures is high enough.
If they're different parcels of land, you're going to need separate policies.
If they're both rentals, even if they're on the same parcel of land, you'll probably need two separate policies. At least I haven't found a carrier willing to do them as one. I only deal with personal lines carriers though, so there are probably commercial carriers that would do this (and possibly personal lines ones that I don't work with).
When all else fails, ask your underwriters.
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Guest
Guest
jmr30183
Expert
I recently dealt with a very similar situation with an elderly homeowner. She lives in a farm house that is approximately 2000 sq ft and her son & his wife live less than 200 yards away in a small 1042 sq ft house. She and her husband originally lived in the small home, then built the larger house around 1948. Both are situated on the same parcel of land, even though a road now divides them and they have different street addresses. But the county property records show them as two structures built on one 6.94 acre parcel of land!?
I was able to cover her home with a Homeowners Policy (HO-3) with Auto-Owners, despite the age of construction (63yrs). Electrical, heating and plumbing were all upgraded within the last 12 years, so the underwriter agreed. The small house is insured on a separate Dwelling Fire policy with the correct (different) street address. But the underwriter also had me send a signed statement on agency letterhead documenting the situation. Specifically, that both houses are owned by the insured and on the same parcel of land per county property records, even though each has a unique street address.
I issued a third policy to her son and daughter-in-law to cover the contents of their home (HO-4). No one seems to know how to divide the parcel so each home is on a separate deed...
I was able to cover her home with a Homeowners Policy (HO-3) with Auto-Owners, despite the age of construction (63yrs). Electrical, heating and plumbing were all upgraded within the last 12 years, so the underwriter agreed. The small house is insured on a separate Dwelling Fire policy with the correct (different) street address. But the underwriter also had me send a signed statement on agency letterhead documenting the situation. Specifically, that both houses are owned by the insured and on the same parcel of land per county property records, even though each has a unique street address.
I issued a third policy to her son and daughter-in-law to cover the contents of their home (HO-4). No one seems to know how to divide the parcel so each home is on a separate deed...
G
Guest
Guest
if the structures are on the same parcel of land, then sure, you probally can put them on 1 policy, but the OP really needs to kick us some more info and details.
Bill,
I mean absolutely no offense, but you have got to learn the products you are selling and why your customers need each coverage etc. Take some training courses, most of our carriers in Florida, offer training courses on their products, but more importantly they offer training on the different policy forms.
As to your question, You don't want to insure them on the same policy, you want two separate policies. IF they are on the same parcel, you still want two separate policies. I've heard so many agents telling their customers that yo ucan insure the second home under Cov. B. This is a TERRIBLE idea. Most of our carriers down here, only offer basic peril coverage on other structures, not special, thus they need their own policy. This can become an issue so you need to contact your underwriter with this question specifically, but one company in particular, Southern Fidelity, will allow you to write two separate homes on the same parcel, but you must exclude liability on one of them.
Again no offense at all, but by your questions you desparately need proper training.
Feel free to shoot me a PM if you have any particular questions I don't mind.
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One more thing I should have mentioned; Being that homeowners is so hard to comeby especially in Florida, you need to realize if they both are on the same policy, if you have a claim, it will affect BOTH homes' eligibility going forward instead of just one.
I mean absolutely no offense, but you have got to learn the products you are selling and why your customers need each coverage etc. Take some training courses, most of our carriers in Florida, offer training courses on their products, but more importantly they offer training on the different policy forms.
As to your question, You don't want to insure them on the same policy, you want two separate policies. IF they are on the same parcel, you still want two separate policies. I've heard so many agents telling their customers that yo ucan insure the second home under Cov. B. This is a TERRIBLE idea. Most of our carriers down here, only offer basic peril coverage on other structures, not special, thus they need their own policy. This can become an issue so you need to contact your underwriter with this question specifically, but one company in particular, Southern Fidelity, will allow you to write two separate homes on the same parcel, but you must exclude liability on one of them.
Again no offense at all, but by your questions you desparately need proper training.
Feel free to shoot me a PM if you have any particular questions I don't mind.
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One more thing I should have mentioned; Being that homeowners is so hard to comeby especially in Florida, you need to realize if they both are on the same policy, if you have a claim, it will affect BOTH homes' eligibility going forward instead of just one.
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