Insurance for 100-year properties
Hi club friends,
I'm an investor from Portland, OR. Right now I'm crunching numbers for a 5-plex built in 1890. Everything looks promising except that I can't even get an insurance quote for this building. I've contacted multiple brokers and they all tapped to their professional networks but none could give me a quote (AAA, farmers, travelers, etc).
The building has been renovated from inside out, including roof, siding, electric wiring, and so on. All units are up to the standard.
I know in downtown Portland, there're lots of properties with 100+ age, and people flip and sell (or rent) them with incredibly high price. So there must be some way to finance rental properties with such an old age.
Anyone can help?
Most Popular Reply
@Dan Z. Search for an insurance broker! They invite everyone to the party. I invest in St. Louis and use a commercial broker to find the right coverage, as the brick buildings were built around 1904, plus there is a bit of crime. The underwriter of my first two buildings is Lloyds of London -- who insure anything. This year's duplex, built in '05, 1905 that is, is underwritten by Cincinnati Specialty Underwriters Insurance Company, of Cincinnati, OH.