I am currently looking to insure two properties, a triplex and a six plex. I am not having much success locally to find carriers that will insure them. I am being asked if the units have students in them, which seems to affect the rate and then getting a replacement cost and a coverage quote that are very different, lastly I have some agents that I spoke with that never call back? In previous years I did not have these challenges. Has something changed with insuring rental properties? Any insight is appreciated.
I have not had a problem. Im guessing your not talking with the right agents. I would see if there is someone in your local real estate group that has someone that they like. And i would call up your agent or the selling agent and see who they recommend and what the previous owner used.
I was able to get 3 quotes in a period of 10 days on 8 units (2 4 families on 1 tax parcel). So my guess is you arent talking to the right people. Now I did learn through the process that rates on multifamilies are rising. Perhaps find other landlords in your area and ask who they are using. Certain agents will definitely be more "multiunit" friendly.
Best of luck to you!!!
thanks. I have finally found someone who is responsive. It seems that when listed as commerical the rate is much higher, he is working on ways to reduce the premiums. Thank you
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