I recently purchased a 10 units, two duplexes and a sixplex. The insurance on the sixplex is much more expensive. I have a mortgage on these properties. What insurance do you recommend? I am going to get quotes from other companies. I currently have it wit foremost. Also do I need to have replacement cost on them or I can chose the amount I want to insure them for? I paid $200 for these 10 units in a class C. I am investing around $25 on cosmetics.
@Abad Marroquin I would definitely recommend replacement cost. You also will want to look out for something called "co-insuance" that you run into on commercial multifamily deals. I personally have begun running all of my insurance past a local public adjuster here in the Chicago area that I met at a REIA. He does it as a service for local investors, and I feel much better having had a professional look at the policies. Insurance policies are not one of the simpler things we deal with!
Thank you so much John.