Brownfieldman
Junior Member
What is the name of your state?New Jersey
We just purchased a house to be used by one of our employees and titled the property in a corporation. Our insurance agent now says it the underwriters do not wish it to be added to our regular commercial policy, and to write a seperate policy will cost about 4 times what a typical homeowners policy costs. They claim that this is because it is in a corporate name, even though it is still a single family home to be occupied by the residential tenant under a long term lease. Does this make sense to anyone?
Additionally, the policy apparently has a "80% coinsurance clause" The agent says that this means that we need to insure for at least 80% or the replacement cost, or there will be penalties upon a loss. Doesn't 'co-insurance' imply additional coverage is required from somewhere?
Thanks
We just purchased a house to be used by one of our employees and titled the property in a corporation. Our insurance agent now says it the underwriters do not wish it to be added to our regular commercial policy, and to write a seperate policy will cost about 4 times what a typical homeowners policy costs. They claim that this is because it is in a corporate name, even though it is still a single family home to be occupied by the residential tenant under a long term lease. Does this make sense to anyone?
Additionally, the policy apparently has a "80% coinsurance clause" The agent says that this means that we need to insure for at least 80% or the replacement cost, or there will be penalties upon a loss. Doesn't 'co-insurance' imply additional coverage is required from somewhere?
Thanks