SFR insurance for owner-occ 4plex

7 Replies

Is it possible to get residential home insurance on a small multi??  These commercial insurance quotes are through the roof.   $3,000+ annual premiums.

Any recommendations for insurance agents in TN?

Thanks

That seems very high. My 4 units are about $800-$1000 annually on a commercial policy with $5 million liability. I use American Family. What value are they insuring it for? You could always go ACV instead of replacement cost. I do that on some of mine.

Originally posted by @Jeff Kehl :

That seems very high. My 4 units are about $800-$1000 annually on a commercial policy with $5 million liability. I use American Family. What value are they insuring it for? You could always go ACV instead of replacement cost. I do that on some of mine.

 Appraised value is right at $200k  one company's estimated replacement cost was around $340k  another was $417k  

I'll look into American Family for sure. I may have to go actual cashtl value like you said

I recived a commercial quote on my 4plex of about that much. Then I went with the same company the previous owner used and did cash value and the cost was much better, about half. But my property is in Texas as well and the flood and wind were just as much. Insurance prices suck!

Originally posted by @Michaelina Stathakos :

I recived a commercial quote on my 4plex of about that much. Then I went with the same company the previous owner used and did cash value and the cost was much better, about half. But my property is in Texas as well and the flood and wind were just as much. Insurance prices suck!

 I'll try to find out what the previous owner had..... Maybe it'll be cheaper.. 

Originally posted by @Jeff Kehl :

That seems very high. My 4 units are about $800-$1000 annually on a commercial policy with $5 million liability. I use American Family. What value are they insuring it for? You could always go ACV instead of replacement cost. I do that on some of mine.

 So unfortunately, American Family isn't licensed in TN  :/  thanks for the reference though!  The search continues..

@Mark Douglas Mine are typically lower in value like $120k-$180k range but I checked two of them and they are insured for replacement a little over $300k and the premiums are around $1000/annually.

The other thing you could try to get a quote is 

http://www.nreinsurance.com/. They're nationwide and I use them for a property I have in Alabama.