Real Estate Appraiser · Beech Mountain · Member since 2024 · 4 posts · 2 votes
Hey yall,
I am under contract to purchase a 4 unit residential apartment building in the mtns of NC. I am dotting my I's and crossing the x's and need to get some quotes for homeowner's insurance. I will be renting the units long term. I have never been a huge fan of insurance. For my other units, I have varying insurance policies from different providers. I did get a quote, but I think the premium is too much.
How do you find the ideal insurance policy without spending an arm and a leg?
I'd definitely get multiple quotes from agents that can shop & have good payout history.
The coverages & deductibles will dictate your payment with each company. Having higher deductibles can reduce the payment. Avoiding submitting claims can avoid insane increases, then self insuring when small things come up. Always keeping up on reducing the amount of risk is crucial in investing. Then insurance is an additional hedge for against total loss.
Reducing risk in how well you operate, ensuring safe grounds & premises is important, then as well as reducing the amount of inside & outside liability you generate can help avoid instances of needing to submit claims. Bundling options can help save. Ensuring to protect yourself is important, & know it is equally expensive. If you can't afford to rebuild on own & self insure total loss then it is worth the price for your own protection.
@Patrick O'Neal I don't think anyone is a fan of insurance until they need it. It's always a great idea to get quotes from an independent agent. Let me know if I can help.
We also have a quadplex in Western NC. We went with Farm Bureau, but got quotes from State Farm as well. Quotes are usually free, so compare the coverage and total replacement cost. You may be able to adjust your deductible to get a lower premium.
