Looking for Insurance recos for a 4 Unit and 8 Unit in Chicago
Hello BP,
I hope everyone had a great Thanksgiving holiday and wish everyone Happy Holidays!
I have two buildings in the Pilsen area of Chicago that I would like to shop insurance for. One is a frame 4 flat and the other one is a brick 7 unit building. My insurance premium was increased significantly a month after we closed on the building. I would like to shop around for new insurance for both buildings. Anyone have any recommendations for brokers or companies they can share?
Regards,
Nick
#2 Insurance Contributor
- Insurance Agent
- Nationwide
@Nick L. Based on the buiilding charecteristics above, your best premiums in Chicago market will come from 2 different companies. Some of the companies only want masonry builings, while others companies have great pricing but do not inure more than 4 units per building.
I am quoting several Chicago investors at this moment and would be happy to share the results with you. I'll PM you.
Originally posted by @Jason Bott:
@Nick L. Based on the buiilding charecteristics above, your best premiums in Chicago market will come from 2 different companies. Some of the companies only want masonry builings, while others companies have great pricing but do not inure more than 4 units per building.
I am quoting several Chicago investors at this moment and would be happy to share the results with you. I'll PM you.
I agree with this completely. I own a brick three flat and am in the process of purchasing a frame property and my insurance broker told me the exact same thing.
The issue I have with the brick building is that one of the factors in insuring properties and determining insurance premiums is the replacement cost, which are abnormally high for brick buildings because they're so labor intensive.
#2 Insurance Contributor
- Insurance Agent
- Nationwide
@Jeff Burdick Thanks for backing me up:) The trick in that situation is to find an insurance company willing to do "Agreed Value" on the market value of the property. This way, you can get Replacement Cost without insuring your 3 flat for some crazy multiple of the market value.
Got a guy for this. PM sent