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Alex Smith
  • Investor
  • South Jersey
73
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109
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Insurance Dilemma- being cancelled due to fire

Alex Smith
  • Investor
  • South Jersey
Posted Sep 18 2019, 09:07

Early in January, our duplex caught fire, destroying the bottom unit. We fully renovated it and placed the tenants. This is our best performing property and I really don't want to sell it, but after getting a notice a month ago that our insurance is cancelling us because of the large claim, I'm afraid it's my only option. I'm trying to find someone else to insure us and so far many have said that they will not insure us and the one quote I have received is for almost 4 times the amount i was paying ($3050/year). If insurance is going to be this high, the property will no longer fit our buy and hold criteria and it won't make sense to hold it. 

Any ideas? Anybody been in this boat?

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