How Much Does Duplex Insurance Cost? Factors and Ways to Save
- Nate Jones, CPCU, ARM, CLCS, AU
- Jan 2
- 2 min read
Updated: Jan 2
Owning a duplex is a great investment, but understanding the cost of insurance is essential for budgeting and protecting your property. Duplex insurance covers the building, liability, and potential loss of rental income, but premiums can vary widely depending on factors such as location, property condition, and coverage limits. Knowing the average costs, what influences premiums, and strategies to save can help you make informed decisions and protect your investment effectively.
In this guide, we’ll break down average duplex insurance premiums, the key factors affecting costs, and tips to reduce your premiums without sacrificing coverage.
Average Duplex Insurance Costs
On average, duplex insurance premiums range from $1,200 to $3,500 annually, depending on location, coverage limits, and risk factors. Multi-unit properties usually cost more than single-family homes because of the higher liability exposure and increased potential for claims.
💡 Tip: Premiums may also fluctuate based on whether you live in one unit or rent both out. For more detailed guidance, check FEMA disaster resources if your property is in a high-risk area.
Factors Affecting Duplex Insurance Premiums
Location – Areas prone to floods, hurricanes, earthquakes, or high crime typically have higher premiums.
Property Age and Condition – Older buildings with outdated electrical or plumbing systems may cost more to insure.
Construction Materials – Fire-resistant and modern construction materials can reduce insurance costs.
Coverage Amounts – Higher property and liability limits increase premiums.
Deductibles – Choosing a higher deductible can lower your annual premium.
Claims History – A history of previous claims can increase your rates.
Ways to Save on Duplex Insurance
Bundle Policies: Combine duplex insurance with auto or other property insurance for discounts.
Install Safety Features: Smoke detectors, fire alarms, security systems, and deadbolt locks can reduce premiums.
Maintain Property: Upgrading roofing, plumbing, and electrical systems lowers risk and costs.
Shop Around: Compare multiple quotes from reputable providers to find the best value
Insurance Options and Coverage
Essential duplex insurance policies include:
Property Insurance: Covers damage to the structure and attached buildings.
Liability Insurance: Protects against tenant or guest injuries and property damage.
Loss of Rental Income: Compensates for lost rent if the duplex becomes uninhabitable.
Optional Coverage: Flood, earthquake, and umbrella insurance for high-risk or high-value properties.
Final Thoughts
Duplex insurance costs vary widely, but understanding the factors influencing premiums and taking steps to reduce risk can help you secure affordable, adequate coverage. With proper insurance from a provider like Wexford Insurance, you can protect your investment, your tenants, and your rental income while enjoying peace of mind.
Contact us today.