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Forums » Rental Property Questions & Landlording Issues » Apartment - Cost of Insurance?

Apartment - Cost of Insurance? Subscribe to Apartment - Cost of Insurance?

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Tag Tags: insurance costs apartment multifamily


Brandon Turner

Real Estate Investor · Hoquiam, Washington


Forum_avatar_avatar-hephestus85

Icon_minipost Oct 06 '09, 10:26 AM

Hi, does anyone have an estimate for the cost of basic insurance on a 24 unit apartment complex - worth around $600,000-700,000 built in mid 1980's, concrete foundation decent condition (B-C Grade)?

I know this number will vary greatly depending on a lot of factors, but I'm just looking for an average and ballpark. Thanks!

Edited: 06/26/2010 at 09:58AM


Jon Rood

Excavation Contractor · Livingston, Texas


Forum_avatar_avatar-jon1975

Icon_minipost Feb 16 '10, 10:46 AM

I just bought insurance on 36 units, $900k value. 2m liability. 13k annual premium.

Edited: 06/26/2010 at 11:41AM


Brandon Turner

Real Estate Investor · Hoquiam, Washington


Forum_avatar_avatar-hephestus85

Icon_minipost Feb 16 '10, 12:46 PM

Thanks jon.

Just out of curiosity, is this an apartment you just purchased? I'd love to know your story/details if you care to share.

Brandon

Edited: 06/26/2010 at 11:41AM


Jon Rood

Excavation Contractor · Livingston, Texas


Forum_avatar_avatar-jon1975

Icon_minipost Mar 03 '10, 01:45 AM

Yes, I just purchased Feb. 2010. I used the advice I found on here to evaluate the deal. I am a complete newbie to REI. I currently own an excavation company and I'm looking to build a portfolio for passive income. I am not sure how passive this income is going to be but time will tell. I am lucky enough to have cash to buy my properties with, so with that and my reading on here, I should be able to make a go of my 2nd business. What are you trying to accomplish?

Edited: 06/26/2010 at 11:53AM by Jon Rood


Brandon Turner

Real Estate Investor · Hoquiam, Washington


Forum_avatar_avatar-hephestus85

Icon_minipost Mar 03 '10, 04:16 AM

Hi Jon,

Well, welcome to the world of RE investing. My goal in all this is the same, to create passive income enough to not have to get a "real job". This is the only job i've had that I loved and I could invest in real estate as a career the rest of my life easily.

Good luck on your adventures, keep us updated on Bigger Pockets how you are doing.

Edited: 06/26/2010 at 11:54AM


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