Hey bigger pockets!

I wanted to reach out for some advice on finding the best insurance rates for multi family housing.

Currently I am under contract purchasing a four unit apartment building in Kentucky and my usual state farm agent gave me a pretty high quote on insuring the building.

Just wondering what everybody else is using out there for their multi family units!

Any advice would be helpful and greatly appreciated.

Thank you and I hope everyone is working toward their goals, whatever that may be!

Cheers.

@Trevor Brown

Using state auto for mine.

@Trevor Brown there are several other independent insurance carriers you should get options from.  I'll send you a list of carriers my investors have used in KY.

@Jason Bott I truly appreciate the references sir!

I will look for that contact when you send it.

Have an awesome day!

Could i get a copy of those references for insurance companies as well. @Jason Bott Much appreciated.  Same thing happened to me.  Working on a 4 unit and get a very high quote.

@Christopher Leet Not a problem.  I'll drop you a DM. 

May I have a copy as well? @Jason Bott Thanks!

@Leon Lee sending now.

@Trevor Brown - Should be about $300-$350 per unit in KY. Happy to connect you with an insurance broker if need be

@Alexander Szikla

Thanks for the reply!

Are those figures on a yearly basis?

@Christopher Leet

Where are you investing, Christopher? I always like to hear where others are investing!

@Andrew Kougl

Awesome thanks for the reply! I will check them out!

@Trevor Brown I am investing in Lexington, Georgetown , Frankfort, and Richmond. Those are the areas I am concentrating on. How about you?

@Trevor Brown  Yup!

I have duplex under contract in Cleveland OH and will be happy to have that list @Jason Bott 

Originally posted by @Alexander Szikla :

@Trevor Brown - Should be about $300-$350 per unit in KY. Happy to connect you with an insurance broker if need be

 Could you share those broker details with me? I'm at $450 per unit right now. Thanks

@Jason Bott please share the list with me . Thanks

@Christopher Leet I have a friend who is an agent there if y’all need contact info.

@Jason Bott Hi, Can you please share those insurance references? Thanks in advance!

@Trevor Brown Use a broker, captive agents like State Farm and Farmers usually don’t compete in some lines of business like MF

I found the same thing with State Farm; it seems they don't even want to write small multifamily policies. They quoted me $11k/yr. for an 8-plex. My broker found a similar policy for $3,500.  

@Steve K. Wow that’s what I’m talking about! I have high hopes now with the connections here on BP.

Thanks for the reply!

@Matt Walker that’s what I’m finding! My duplex had a great rate with State Farm but I guess once you get to 4 units it makes a big difference.

Thanks for the reply!

@Jason Bott May I get that list as well? Thank you.

In general for insurance on a 2-4 unit you want to use a broker with access to different product lines. In my experience here in the CT market you always get better rates doing it that way as opposed to going with a brand name like State Farm, Allstate, etc.