How much you guys paying for insurance on 4plexes?

Question

My policy on my 4plex is $1950 yearly, ($162 month)

Dwelling amount 100,000 (purchase price)
Personal property 3,000 (appliances)
Liability amount  1,000,000
Loss of rents 10,000

Chris Clothier · Answer

Brad Grimes I believe does a majority of our single family homes so i assume he is also on our 4-plexes.  I will check and find out and let you know.  If you have contacts that would save us and our clients money that would be great.

Crhis

Bryce Y. · Answer

Chris Clothier

Who  do you use in Dallas?  I'm paying $1670 and feel that's a bit high...

Chris Clothier · Answer

We are paying S1,250 a year in Memphis, Tennessee on two 4-plexes and close to $3,000 a year on two 4-plexes in the Arlington area of Dallas, TX.

Both with similar numbers to your with the exception of Dwelling.  250K in Memphis and 400K in Dallas.

Tarun Kapoor · Answer

My dwelling amount is $400K, liab of $2mn. 1909 duplex and i am paying $340 a month and that was after shopping around. Its a replacement cost insurance and not ACV. Make sure you are comparing apples to apples....

Plus I'm in Minnesota and we get all types of crazy weather...

George Paiva · Answer

There are just so many factors to go by and location makes a big deal.  I would try shopping around so you are comparing apples to apples.

I also am on the high side because of building replacement value. I try to use a $150sqft replacement so I don't have to lose my shirt in case the building goes up in flames.  Some may say I am over insured but it helps me sleep at night ;)

Mike Wallace · Answer

I was just trying to compare to other people to make sure Im getting a decent deal.

George Paiva · Answer

Mine are actually considered mixed use because of a commercial component.  So 3 units residential and 1 unit commercial space.

George Paiva · Answer

I am a little over 2k each for the two 4plexes I have.

Dwelling amount 400,000 
Liability amount 1,000,000m/2,000,000m
Deductible 2,500

Getting harder to insure in the last 2 years probably due to Irene and Sandy storms.