Historic Multifamily landlord insurance recomendations

7 Replies

Anyone have recommendations for insurance company/agent for an 18th century victorian 3 family rental house ? I used to live there and getting it insured was much easier as owner/occupied. Since moving out and renting all the units, ive found it quite hard to find someone to insure it without hassle. The house is worth upwards of 700k (market value), and it is in very good shape. The current insurance company I have recently did an inspection, and they want me to remove the original circa 1860 yankee gutters (which are in near perfect shape) and install good ole aluminum gutters. For many reasons, some of which may be obvious, i'm not going to do that.  

Thanks

@Rob A. does the property have a historical designation?  If so, there are fewer insurance carriers willing to insure.

If not, there are many other options to insure an older 3 family. 

Have you tried to tie it to your home an auto policy?  You may be able to get some underwriting exceptions on the personal lines side that you can not get on the commercial side.

Originally posted by @Jason Bott :

@Rob A. does the property have a historical designation?  If so, there are fewer insurance carriers willing to insure.

If not, there are many other options to insure an older 3 family. 

Have you tried to tie it to your home an auto policy?  You may be able to get some underwriting exceptions on the personal lines side that you can not get on the commercial side.

 No it is not historically designated (thank god). I have a hard enough time with people telling me what to do with my own property. 

I have tried to tie it with my home/auto. I'm with Geico. They also insure another single family rental i own, but they wont touch this one.

@Rob A.   if you marketed all your policies with a local independent broker, they could fix this issue and come up with a competitive progam.  The key is to give 1 company all your business so they will make some exceptions for you.

Originally posted by @Jason Bott :

@Rob A.  if you marketed all your policies with a local independent broker, they could fix this issue and come up with a competitive progam.  The key is to give 1 company all your business so they will make some exceptions for you.

 Thanks, I did try that but have not had any luck. And it takes a very long time to get quotes, so i was hoping some locals with similar property could give some referrals. 

@Rob A.   I know of several insurance companies who can do this without an inspection.  I'm sending you a PM.  Best of luck.

Originally posted by @Jason Bott :

@Rob A.  I know of several insurance companies who can do this without an inspection.  I'm sending you a PM.  Best of luck.

 Great. thank you

After too much back and forth, and a lot of me taking pictures, and sharing education with them on how gutters work, they have accepted my house as is. So this saga is over for now. Thanks for the help.

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