5 unit Property insurance advice
Hi,
*** request feedback by 12/28 Wednesday.
What is the minimum insurance coverage that I need to get for a 5 unit multi-family home? I need help. Here is a quote I received.
Building purchase price is $105K, but replacement cost is around 550K
Carrier = United States Liability Insurance Company
Commercial Property Insurance premium = $1,208
Commercial General Liability premium = $500
Total Premium = $1708 per year
Building insurance for $130K limit, 80% coinsurance, $1000 deductible
Business income coverage of $36K
Equipment breakdown coverage with deductible of $1000
Commercial General Liability:
Each occurrence = $1 million
Personal Injury and Advertising Injury = $1 million
Medical expenses = $5K
Damage to premises rented to you = $100K
General aggregate = $2 million
General liability deductible = $0
Please let me know what you think of the above coverage and deductibles?
Appreciate your help
Saran