Triplex Insurance / Multi-Unit Investing Advice
Hi Everyone,
I am a new investor looking to purchase a triplex in the Northeast Philadelphia area to live in as my primary residence, while also renting the additional 2 units out to tenants.
When purchasing a multi-unit property, what are the best types of insurance policies to go with,
and what other preparations should I make in order to reduce my liabilities?
Any sort of advice would be useful, & thank you in advance!
Sincerely,
Justin Park
Hopeful New Investor
Most Popular Reply
Justin - hope all is well. First off I will say that I am not an Insurance Professional (just a Real Estate Agent), but will give you my thoughts and input:
1) Your mortgage lender will definitely require insurance typically for replacement cost coverage, loss of rent coverage (if using rent as approval criteria), and some level of liability.
2) What I have done in the past for my properties is talk with an insurance professional and purchase additional liability insurance (not that much more annually) as well as Loss of Income or Business Insurance to protect if I have a elongated period of no rent.
If you need any help finding a multifamily property in NE Philly, feel free to reach out. Thanks!