Updated almost 8 years ago on . Most recent reply
Insurance for 3-Plex
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?