Property Insurance - First Deal Question!
Hi BP community,
I have my first multifamily property under contract! It is a 56 unit property located in Ennis, TX. That said, I have a question regarding insurance, I received a proposal today and would like to run this by those of you with experience! Below you'll find some of the information contained in the proposal.
Property Coverage:
Terms/Conditions:
- special Form: Excluding Flood/ Earthquake
- Replacement Cost: Buildings & Personal Property - No coinsurance.
- Actual Loss Sustained: Loss of rents-extended business income for 90 days.
- Actual Cash Value: Applies to wind/hail claims on existing roof coverings over 15 years of age and older.
Deductibles:
- $10,000: AOP per occurence
- $25,000: Per location, per occurence for wind/hail/ hurricane
- $10,000: Equipment breakdown
- NONE: Loss due to fire which emanates from a permanently attached cooking surface.
Exclusions:
- Pollution & contamination, asbestos, earthquake
- Mold, mildew & fungus
- Flood is excluded - Earthquake is excluded.
- Wind/hurrica/hail/flood
- Cosmetic damages
I just realized that it is too much information to write onto a forum post - it wouldn't make much sense. But overall I get the feeling that there this insurance proposal is not very good. If anyone would be generous enough to discuss this with me I would appreciate it a lot.
Thank you,
Daniel