Landlord Policy on Owner Occupied

[Sam Scogin]

I'm looking to save money on property insurance and wanted to run an idea past the community. My wife and I own an owner occupied duplex, another duplex, and are closing on an additional triplex. I'd like to move the homeowners insurance to a landlord policy with the other properties and then purchase an umbrella policy as an added layer for liability (none of the properties are currently in a LLC). Is this even possible? I understand that this would mean less coverage.

[Jason Bott]

Originally posted by @Sam Scogin:

I'm looking to save money on property insurance and wanted to run an idea past the community. My wife and I own an owner occupied duplex, another duplex, and are closing on an additional triplex. I'd like to move the homeowners insurance to a landlord policy with the other properties and then purchase an umbrella policy as an added layer for liability (none of the properties are currently in a LLC). Is this even possible? I understand that this would mean less coverage.

Sam, will you be moving out of the first location? If not, many insurance companies will not allow you to insure it as a Landlord policy if the owner of the property is occupying the property. Some will if the owner of the property is the LLC and you rent from the LLC.

With the size of your portfolio, you will find some of your best options with combining your Homeowners with the rentals, auto and Umbrella.  

I'd also suggest getting some competitive quotes form some other local independent agents before making any changes with your current agent.  It's possible there is an option out there that saves you $ while providing the best coverage options.