East Orange, NJ · Member since 2019 · 4 posts · 0 votes
Good afternoon!
I am wondering if anybody has some insight on homeowners insurance that is not going to break the bank. I am moving into a 3 Unit Multifamily property that i am closing on relatively soon. I am shopping around for property insurance that seems to be rather high but is ranging from a big scale of anywhere from $1500 - $2200 a year. The property is in the East Orange, New Jersey area.
I would really appreciate the insight on some insurance ideas or tips and tricks to use when shopping around. Is there a specific type of insurance that i should be looking for instead of a regular homeowners insurance policy?
I will be 'house hacking' if that changes the type of insurance that i need to get.
Westbrook, ME · Member since 2016 · 7 posts · 10 votes
7y
@Albert Kim My advice would be to find a reputable insurance broker: they'll know all the specific actions or situations that will help bring down your premiums.
Remember that for insurance companies, Risk is the name of the game. Anything that will bring down risk will also bring down your premiums and vice versa.
Although your numbers for insurance don't look terrible to me, from Maine. Insurance, yearly, on my owner occupied three unit is right around the middle of what you quoted there.
Westbrook, ME · Member since 2016 · 7 posts · 10 votes
7y
@Albert Kim My advice would be to find a reputable insurance broker: they'll know all the specific actions or situations that will help bring down your premiums.
Remember that for insurance companies, Risk is the name of the game. Anything that will bring down risk will also bring down your premiums and vice versa.
Although your numbers for insurance don't look terrible to me, from Maine. Insurance, yearly, on my owner occupied three unit is right around the middle of what you quoted there.
Specialist · San Antonio, TX · Member since 2015 · 909 posts · 297 votes
7y
you are doing it right keep shopping around, but dont always go for cheapest, find someone most people recommend and then compare his rates to others and just feel it out
East Orange, NJ · Member since 2019 · 4 posts · 0 votes
7y
Thank you very much everyone for your insight and suggestions. I will keep looking around. It seems if I work with the insurance broker of a company and talk it through with them I can somehow get consistantly around the 1500 area for a triplex in my area. Thank you all again!! Keep the suggestions coming!!!
Lake Charles, LA · Member since 2017 · 1 post · 1 vote
7y
Go to one of the larger independent agents in your area and ask for a couple quotes. However, you're missing some really valuable information here, namely how much are you insuring. A $100,000 triplex is going to be different than a $400,000 triplex. A lot also depends on your "protection class" which takes a couple things into account, like how far you are from a fire station.