How to get Mixed-Use Property Insurance
Hi, all,
I'm currently in contract to purchase a mixed-use 3-family in Brooklyn. The lender is requesting an insurance quote and I'm having trouble securing a quote. Some companies don't like the mix of residential and commercial. Some companies don't like that I won't be operating the business. Some companies don't like that the building will be owner occupied. I've spoken to a few brokers and one us recommending I get surplus line insurance, I'm hesitant given that the state doesn't guarantee these surplus line insurance companies given that they're unlicensed.
Does anyone have any ideas around this? I didn't anticipate securing insurance would be a roadblock especially if I'm willing to pay for the risk.
Thanks in advance,