Rental Property Investor · St. Louis, MO · Member since 2020 · 9 posts · 2 votes
I'm under contract on a multifamily in South City and currently looking at insurance options. The first few quotes I got were a lot higher than I expected. With most of the buildings in that area being 100 years old, it seems that my options are limited and cost is high. What has other's experience been and is there a broker/agent you'd suggest I talk with? Also, do you normally get a policy that gets you full replacement cost or actual cash value?
Hey Robert, call Eric Brand with Shelter Insurance. They can do a cash value policy for investment property that is much, much more reasonable than what the other companies will quote you as they're usually pushing replacement cost which on these old buildings in south city is significantly more than the property is worth, thus the crazy premiums.