I'm buying a four-unit in Pawtucket, owner occupied. I'm trying to find the best insurance option and it's getting confusing. Allstate gave me a great quote if I bundle with my car, but their car insurance was double what I'm paying with Progressive right now. Progressive gave me a decent quote on the house with the auto bundle. Amica and Nationwide came in high.
Replacement value is coming in around $450k to $550k. And best quotes are around $2300 per year without the auto discount. Anybody doing better than that on a similar property?
I'm thinking I'd like a broker to run a bunch of different companies and find the best deal. Any recommendations on finding that person? I tried one off of google and she came back with one small company with a ridiculously high quote. Useless.
Thanks for any help.
@Neil Haven a four unit property will qualify for many commercial programs, which may be the way to go.
With a commercial policy, you may have more flexibility with choosing the building limit and can pick and choose which coverage's you want.
I would suggest calling a local Independent agent. They will have access to many of these options.
Just came onto the forums to ask about insurance as well. Im in the middle of purchasing my first property. A 3 unit multi family in Woonsocket.
Ive spoke with 2 companies so far but they are coming back with insane rebuild costs. One said $770k and the other said $690k. Seems high for a building Im only paying $207k for.
Affordable Insurance in Pawtucket, RI might be able to do what you are looking for. I have auto insurance with Progressive through them. They ran my info through multiple companies and gave me the best quote. Im assuming they do the same with home. Worth a shot.
I was able to find someone that would do a policy based on the market value and not the rebuild cost.
If thats something you want to look into try Foremost.