Multi Family Building Insurance

34 Replies

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.

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.  

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.