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Multi-family Homes

Insuring your multi-family property can be a bit trickier than most properties and that is why here at Armor Insurance Professionals we are committed to building personalized insurance plan perfect for your multi-family property.


What classifies as a multi-family dwelling property?

Multi-family dwellings are different from traditional properties, because they are a single entity rather than several detached units. For insurance purposes, multi-family dwellings are dwellings capable of housing more than one family with multiple bathrooms, kitchens, and bedrooms with a separating wall between them. This can be a duplex, four-plex, apartment, condominium, or townhouse.

Insurance for both living on and off the property

There are two different options when it comes to insuring your multi-family property: one for living on the property and one for owning the home as an investment property.


For living on the property, a standard homeowners insurance policy will be required. This means you gain coverage for:


  • Structure of the property

  • Personal liability

  • Replacement of personal property


You can also gain additional coverage for loss of use, allowing you to pay for alternative housing while yours is being repaired or rebuilt.


For living off the property, the insurance will require a dwelling and fire policy and perhaps a business owners policy. Some dwelling and fire policies cover personal liability, but that isn’t the case with all policies. We will work with you to help you determine how much personal liability coverage you’re comfortable with and how to arrange the best coverage for the best price to meet your needs.


Factors that can impact multi-family property insurance costs

  • Age of property: Newer homes are more commonly up to standard and require fewer repairs compared to older homes.

  • Age and type of wiring on the property: Old wiring is not only troublesome when using modern electronics, but can also increase the risk of fires or shocking those within the home.

  • Construction type: Brick and stone are more sturdy and more likely to sustain damage from wind and hail than wooden structures.

  • Firewalls: Not related to the computer term, firewalls in a home environment are added protection within units to defend against fire damage, and insurance companies like to see them.

  • Neighborhood: Low crime rates and largely owner-occupied neighborhoods are good both for personal safety and for insurance costs.

  • Owner occupation: Insurance companies like when the property owner occupies the dwelling, as it is a better investment for them.

Keep in mind that with Armor Insurance Professionals, you get to personalize your insurance policies to suit your needs and circumstances. As a brokering agency, we can compare prices from different companies for you at no cost. Need help deciding on the right amount of protection that fits in your budget? Get an online quote now or speak with a friendly agent to get started!

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