Apartment Insurance Policy vs. Landlord / Standard Rental Policy

[Tom Dupree]

I'm trying to better understand what makes up an "Apartment Insurance Policy" and how it might be different than a typical insurance policy.

The context was that an investor has a duplex and decided to go with an "Apartment Insurance Policy" because it offered a higher level of coverage.

Would really appreciate if anyone has insight into 1) what exactly is an "Apartment Insurance Policy and 2) why would an investor decide to use one for a small MF (2 - 4 units).

Thanks!

Tom

[Jason Bott]

@Tom Dupree 

The use of the property

Would determine if it I commercial or no commercial.  if the duplex is owner occupied, then it should stay on a personal policy.  If any building is being leased or rented, then it would be considered commercial.  I insure many singles and duplexes on commercial policies, but also have a 4 family on a personal policy because the owner occupies the building.  

Keep in mind most personal lines companies can accommodate a few rental properties.  So there is some overlap on the personal and commercial sides where you could Choose to go either way.