Insurance on $1M multifamily?

[Dave Charron]

Just wanted to see what others are seeing for insurance rates?   I have a 13 unit under contract for just under $1M and my agent is quoting me $4700/yr with $2500 deductible.  Property is in Upstate NY

[David S.]

Quote from @Dave Charron:

Just wanted to see what others are seeing for insurance rates?   I have a 13 unit under contract for just under $1M and my agent is quoting me $4700/yr with $2500 deductible.  Property is in Upstate NY

 That quote does seem reasonable. Curious, why you are choosing the 2,500 deductible? We saw an 85% increase in our premium this year and because of this, we are choosing to go with the highest deductible we feel can live, effectively choosing for catastrophic purposes only.