Insurance for a 4 family in MA

9 Replies

I have been trying to get quote for insurance for a 4 unit multi-family investment property in central MA area for a few days, and did not have any luck so far. I called a few insurance companies and none of them insure properties with reconstruction values more than $600,000 (the cost they estimate). My current insurance agent I insured my home with also could not find any carriers they do business with that are willing to insure this property. I read previous posts about insurance but they are mostly for different areas of US and I don't know if their answers will apply. Also, I do not know if I'd better go with a regional or big insurance company. Can you guys provide some pointers? Thanks.

Try @Tim Norris at  They specialize in real estate investments.

If you are estimating, I have always used purchase price/1000*3.5 to get a rough idea. It usually is pretty close to what price will be. 600,000/1000*3.5=2100. Its def not 100% but usually gives a rough calculation.

I've used Liberty Mutual on mine recently. They will issue a quote and can do so over the phone. We just did one that had a reconstruction amount of 850K so you would be good. 

i agree with ann @tim knows his stuff... Should be able to help you out! @Ann is Jen on bp she would be another  great resource!

@Ann Bellamy  Thanks for the info! I'll definitely reach out to Tim. BTW we briefly talked last time on the Waltham Black Diamond meeting. The meeting was amazing and the amount of information and networking was great. Hope to see you next time in Worcester or Waltham.

@Josh Mitchell  Wow that seems like a convenient formula! I am well aware of the 70%, 50%, and 1 and 2 percent rule, but not this one! Good to know.

@Rob L.  I'll definitely use them as a reference.

@Adam Carbone  Thanks!

Yes, I remember you, @Jeff Zhou    Glad you liked our event, we work hard to provide quality content from local people.

@Rob L.  just to compare, would you mind telling the premium amount for that $850K reconstruction property? I received a quote from Liberty Mutual and their rate is outrageous - $6500 per year for my property ($1.2M reconstruction)

@Jeff Zhou  

Click my profile and read my "insurance...what a game" thread!

I just signed a 3.6m reconstruction insurance deal for a solid deal!

Let me know if I can assist you! Keep searching! You should get a better deal than that $6500.


Hi @Jeff Zhou  , I believe it was around 3k originally but we worked it down to just over 2k. Their definitely not the cheapest but it sounds like the agent is insuring you for the entire reconstruction amount. I would check with your lender  as some have restrictions but your rates will go down if you just insure up to the loan amount or whatever the minimal amount required by your lender is. 

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