El Cerrito, CA · Member since 2015 · 257 posts · 129 votes
Is there anyone that can provide me with a current insurance rate for a 4 plex in the bay area? I'm trying to get as accurate as I can in my analysis and this is one of the areas I'm lacking in with experience.
Real Estate Agent · San Leandro, CA · Member since 2016 · 46 posts · 71 votes
9y
I have a client who has a 4-plex in Lincoln Highlands of Oakland and she pays $2449/yr for property insurance. I did a quick scan of the MLS just now and I see a lot of 4-plex properties that according to the posted financials are running $2,000-$2,800 for their property insurance.
Real Estate Agent · San Leandro, CA · Member since 2016 · 46 posts · 71 votes
9y
I have a client who has a 4-plex in Lincoln Highlands of Oakland and she pays $2449/yr for property insurance. I did a quick scan of the MLS just now and I see a lot of 4-plex properties that according to the posted financials are running $2,000-$2,800 for their property insurance.
I have a client who has a 4-plex in Lincoln Highlands of Oakland and she pays $2449/yr for property insurance. I did a quick scan of the MLS just now and I see a lot of 4-plex properties that according to the posted financials are running $2,000-$2,800 for their property insurance.
Hope this helps!
I appreciate your reply! Thank you very much, yes that does help.
Those numbers seem high to very high to me. It depends on the size of the 4plex and the cost to rebuild should there be a fire.
We are paying between $1,200-$1,400/yr for our 4plexes. $1,700-$2,400/yr for our 6-8 units. I believe our deductibles are $5k. The above insurance costs also included a $1M liability insurance on each building. We have a great insurance broker. Ping me if you need a referral.
Rental Property Investor · San Francisco, CA · Member since 2013 · 1k+ posts · 1k+ votes
9y
@Account Closed how much coverage are you getting, $ PSF, on average for your buildings? Over $200 PSF? I'm trying to keep mine ~ $250 PSF including their overage coverage, in case I have to rebuild from the ground up. But I still worry that $250 is kind of tight. It's fine for damages, but ground up reconstruction...I hope I don't have to go through that!
I concur with Minh, I'm paying ~ $1200/yr for my triplexes in SF. Also with a $5k deductible. I don't make small claims, only for a major issue, which I haven't (knock on wood :) had. I get the min liability ($500k) as I have umbrella that covers my net worth for everything (except commercial.)
Rental Property Investor · San Jose, CA · Member since 2013 · 41 posts · 7 votes
9y
Doug Woodville there are various factors that go into determining the rate. If you want msg me the address & I can do a quick quote in our broker system to give you a solid ballpark for your analysis.
Rental Property Investor · Oakland, CA · Member since 2014 · 730 posts · 1k+ votes
9y
to echo what @Amit M. and @Account Closed have stated, I also pay around $1200-1500 for my 4plexes in East Oakland. Mine are worth about 1/2 (probably even less) of what their properties are worth, but the replacement cost is probably the same or close.
I also have a mixed use 4unit in the same area, and that one is $2500/year, just because it's commercial and has a higher liability limit. Not sure why its so much higher.
El Cerrito, CA · Member since 2015 · 257 posts · 129 votes
9y
@Account Closed Thank you all very much for your replies. They are much appreciated!!! I had put in $3000 for my analysis so this will definitely save some money.