The Coach Houses are built on 3 floors; Similar to town houses, except that the ground floor is a single garage. This is a popular and space-saving option for home builders to incorporate all the facilities a modern family needs by using smaller plots of land to provide them. Therefore, it is considered an economically economical house construction. Affordable home construction means affordable home prices! Everyone is a winner with this new space-saving concept!
This property layout is typically smaller, with only 1 or 2 bedrooms; 3 bedroom carports are unusual but we are seeing more being built lately.
Coach houses are typically 3 connected properties (although in some cases there may be more), one owner will be responsible for insuring all garages on which the block of coach houses is built, and can request that the other homeowners, who will have access to your garage with a 999-year lease, will pay a contribution to the costs of insurance, although the policy is not exclusive to garages and will also include your house. However, it is considered reasonable that the policyholder could request around 25% from each of the other coach owners to cover the costs of insurance for their buildings.
This is an effective way to share the cost of insurance and protect everyone’s liability. However, other homeowners will also have to have their own Coach House building insurance policy, to insure their own home (excluding the garage, of course, which is rented through your neighbor). Hard to follow? It can be unless you’ve been given good advice! You will need to clarify the details of how everyone should protect themselves and their property against lack of insurance in the event of a claim! This usually happens when policyholders realize they are uninsured, should they file a claim.
Usually there are also significant areas of shared space at the driveway with these parcels, and this responsibility should be included in the policy of the garage owner who is also insuring the garages.
Policies are available to cover these risks, although they can be difficult to find! There aren’t many available on the market, so it can take time to find the right policy for you. The most important thing is to make sure that the insurance policy you choose includes all of these risks and that the insurance provider is fully aware of the construction, leasehold setup, and shared liabilities involved. Without investing the right time, making sure you buy the right building insurance policy, could result in you finding out that you are, in fact, uninsured should you come in to file a claim.