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HomeForumsBuying & Selling Real EstateInsurance for 3-Plex
Jesse Smith's profile image
Jesse Smith's profile image
Jesse Smith
  • Rental Property Investor
  • from Kansas City, MO
  • Member since Mar 13, 2018
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Jesse Smith's profile image
Jesse Smith's profile image
Jesse Smith
  • Rental Property Investor
  • from Kansas City, MO
  • Member since Mar 13, 2018
Connect
Jesse Smith
  • Rental Property Investor
  • Kansas City, MO
37
Votes |
86
Posts
Buying & Selling Real Estate

Insurance for 3-Plex

Jesse Smith
  • Rental Property Investor
  • Kansas City, MO
Posted May 24 2018, 08:08

I'm having trouble finding a straight answer on this one.  What kind of insurance should I be looking for on a 3-plex?  This is a former single family residence that has been converted to three living units.  I also plan to eventually convert the attached garage to a fourth unit.  

State Farm sent a quote for a "CMP Apartment Policy," with an annual premium of $3,898.  Compared to the policy on our duplex, which only has a premium of $1,120, this seems crazy high. 

  • What kind of policy do I need for the property?
  • Should I insure for full replacement cost, mortgage amount, or something else?
  • What other considerations?
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