insurance providers for apartment buildings (for landlords)

Member since 2022 · 6 posts · 0 votes

What are some insurance companies you recommend with best coverage and reasonable pricing for owners of apartment buildings. We are in process of underwriting and our lenders think our estimate of $550 per unit is too conservative. This is for a new construction of 75 units, no flood zone in Charlotte, NC. What are other factors to consider in the insurance quote?

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Peter Nikic

Investor · New York & TN · Member since 2019 · 325 posts · 219 votes

Find a good insurance agent, they'll find the insurance companies and quotes for you. I don't know any in your area, but I just got a policy on a new construction bldg for under $400 per unit.

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Charles Seaman
Apartment Syndicator · Charleston, SC · Member since 2017 · 519 posts · 631 votes
3y
@Thuy Tri It might be conservative for new construction, but keep in mind that insurance premiums have been on the rise over the last year and Hurricane Ian will certainly keep them high for the foreseeable future. Aside from flood zones, the age and condition of the property, the crime score in the surrounding area, and any potential liabilities will all be things that could negatively impact your insurance premiums.
I messaged you the insurance brokers that I work with. In general, I wouldn't recommend giving any deal to more than two (2) insurance brokers because there's only so many carriers that are going write policies for these deals.
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Courtney UrbanekBusiness Member
Specialist · Kansas City, MO · Member since 2022 · 36 posts · 7 votes
3y
Hi Thuy! You may want to check out Sandstone https://sandstoneinsurance.com...
National Real Estate Insurance Group4.2257 Reviews
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Thuy Tri
OP
Member since 2022 · 6 posts · 0 votes
3y
@Charles Seaman Thank you and I appreciate your help always.
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Peter Nikic
Investor · New York & TN · Member since 2019 · 325 posts · 219 votes
3y
Find a good insurance agent, they'll find the insurance companies and quotes for you. I don't know any in your area, but I just got a policy on a new construction bldg for under $400 per unit.
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Jason BottPro Member
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
3y
@Thuy Tri have you priced out the Builders Risk policy already? If so, that should give you a good indication on the policy cost on the building when it is fully occupied.
We had one of projects come off a Builders Risk last month and the pricing was about the same for the landlord policy.
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