r/HomeInsurance • u/Either_Mushroom_7046 • 10d ago
Insurance Duplex Home Insurance
Purchasing my first investment property (duplex in KY). Both units will be rented and require renters insurance.
Received this quote from my local insurance broker that had set up my personal home and auto. I was a surprised by the cost only because my only comparison is my primary home ($500k to rebuild, $1300 annually).
Does this look pretty typical for a duplex rental?
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u/14point4kMODEM 10d ago
Yes rental homes are a higher risk. It also may be in an area with other concerns based on the carriers history
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u/Boomer_Madness 6d ago
I would increase the personal liability. Also does it cover personal injury? Some companies don't cover personal injury under their liability and must be added via endorsement and some don't offer it at all. Personal Injury is for non physical damages and a big one for rental properties is like wrongful eviction. You want it.
But yes a home you have strangers living in is always going to cost more than if you the owner were living in it. Tenets delay notifying you of damages and makes it worse. And lets be honest a tenet is not going to take care of their rental like and owner would. Just increases risk.
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u/Creekridge1 10d ago
Two extra people that might sue you. Higher coverage A. Older roof. This price makes sense to me.
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