Insurance options for multi family rental buildings in Massachusetts can be confusing. If you own a triple-decker, duplex or other multiple family structure, O’Connor & Co. Insurance Agency can help you select the multi family insurance options best for your situation.
The appropriate multi family insurance policy will depend on whether you live in the building or not. For a Massachusetts owner-occupied structure with multiple rental units, a standard HO-3 homeowners policy may be a good choice and relatively affordable. A DP-3 dwelling fire policy or BOP business owners policy, however, is used to provide comprehensive coverage for a non owner-occupied building.
Features to consider in both options include:
- General property insurance for the building itself. Garages, sheds and other detached structures may require additional coverage.
- An HO-3 policy will generally cover the owner’s personal property losses in the event of fire, theft or other mishaps, while a typical DP-3 policy will not. With either policy, renters are encouraged to purchase their own renters insurance, as the property owner’s policy usually does not cover renters’ property.
- Personal liability coverage is typically included in both types of policies but be sure that your limits are sufficient to cover your liability risks.
Note that flood insurance for the property must be purchased separately and that other endorsements such as sewer backup and earthquake coverage may require additional purchases. Speak with an O’Connor & Co. Insurance agent in our Dudley, MA offices to design a comprehensive and affordable Massachusetts multi family insurance policy for your rental property.