All Forum Posts by: Cindy Joseph

Cindy,

This is a question for your agent.  If it is a normal Homeowners policy for a 2 family dwelling and not separate deeded units, the policy should be considered owner occupied since you live there.  The rented unit would be a normal part of the policy.  We have Homeowners policies for owner occupied 1, 2, 3 & 4 family dwellings.  But, I do not know your policy and/or that company's underwriting guidelines so I could not say for sure.

Cindy,

How is the property deeded.  If it is one building that has two units then a Homeowners policy would generally be all you need.  If they are deeded separately (ie. each side could be sold separately) then generally you will need two policies, a homeowners for your side and a Dwelling Fire (aka Landlords policy) for the other side.  With all the turmoil in the FL market you need to check with your agent to make sure that the Homeowners Insurance company will insure duplexes.  If not, you should look for Homeowners Insurance that will.

 You typically can't split the sides of a duplex like that.  Also, in many areas that's not the case with regards to cost/coverage because the risk is different in an owner-occupied property vs. one that is occupied by a renter.  Meaning the owner cares more and is more attentive!

 This question really can't be answered without knowing what you actually have now and what's available to you.  If you are living in one of the units and you purchased proper insurance to begin with (indicating the property is a duplex and that one unit will be rented) you are likely OK now.

One thing I wanted to note is that you remarked mold is excluded from the landlord insurance but mold is usually excluded on most property insurance in general - unless it develops from a covered loss.

Again, these are generalities.

If you have an insurance claim with renters in the property and a homeowner policy I would expect the claim to be denied.

The benefit of landlord insurance is that it will actually cover you, if you try to rent a house out with a typical homeowner policy you are simply not covered (even though you are paying premiums).

Insurance is not where you want to go lowest bidder or look to cut corners - it is there to save your behind in the event of a major incident.

@Cindy Joseph

You would need to remove them and put a barrier down. Or weed killer every year as another option depending on cost to remove and reinstall

 FWIW weed barriers are not the end all. They can cause drainage and run off issues. Plus dirt and weed seeds can settle on top thus more weeds. I would simply find some environmentally friendly weed killer and (most importantly) deterrent. I've had great success with various products. They can be state specific though. I'd seek out a local nursery (not box store) that are knowledgeable in the local flora. 

I like pavers, in many ways they are better than concrete. There's always pros and cons to every form of item we use in construction.

I think the other question to ask yourself is which flooring will yield higher rental rates? Are these units tastefully updated where one would expect new vinyl planks to go with the look and/or the market area? Or are these more like Old FL Cottage style units with a coastal vibe that the Terrazzo flooring fits the units and competing units for rent? I would base the decision more on which one matches the property and market more and will bring in the best ROI!