In October I'll be purchasing my first multifamily investment property (4 flat in Avondale) and I'm currently shopping for a landlord insurance policy. I found that my personal insurance providers (State Farm and Progressive) are either really expensive or can not cover the property. Can anyone recommend a local multifamily friendly insurance provider? Thanks in advance!
@Nathan Chamberlin with insurance you often times get a better rate going through an independent insurance agent instead of through a captive agent shop. I will send you the guy who I am currently using.
I also have found it useful to shop policies every few years. Each independent agent can shop multiple companies to get you a good rate/coverage combination. Insurance companies will often times jack your rates out of nowhere for seemingly no reason, so don't feel like you are locked in. This is one place where a handful of phone calls and text messages can be worth $500!
Congrats on the 4 unit in Avondale! Awesome area. I have a really good insurance broker through Goosehead who has significantly beat competing rates. Feel free to PM and I'll send over the contact.
Reach out to Keith Murphy at 235 Insurance, he is local to the Chicagoland area and come highly recommended by Renovo Financial and ClickInvest both, I've moved all my new business over to him as well.